ASA clarifies its role for financial advertisers
The Advertising Standards Authority (ASA) have released a statement clarifying their role on financial advisors in reaction to industry confusion. In the statement the regulators claimed they focus on the non technical.
The Advertising Standards Authority (ASA) has clarified its role in the shared regulation of financial advertising, along with the Financial Conduct Authority.
In an update in July, the ASA described the regulation of financial advertising as “a little complicated” but emphasised that both the FCA and the ASA continue to have specific roles in the policing of ads.
“If a product or business is regulated by the FCA, then the technical claims in their non-broadcast ads fall under their remit,” a spokesperson said.
However, broadcast advertising and any non-technical claims such as issues relating to causing harm or offence would be supervised by the Advertising Standards Authority, the organisation explained.
“Whether the product advertised is regulated by the FCA or not, we work closely together, sharing expertise to ensure that ads are honest and not misleading consumers,” the ASA spokesperson said.
“When we receive complaints about financial ads where the issue falls outside of our remit, we refer it to the FCA to ensure that it’s being addressed.”