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Savings claims 'misleading'
City watchdog, the FSA Financial Services Authority, has warned insurance firms to stop using savings claims which could mislead consumers in their advertising or face regulatory action.
The warning follows a review of press advertisements from 57 firms selling motor, home and travel insurance and who accounted for more than three quarters of the press advertising spend in these areas during 2006.
The FSA found that more than half of motor insurance advertisements with savings claims were either unclear or misleading. It also had the same concerns with a quarter of the home insurance advertisements. Travel insurance saving claims were generally of a higher standard than the others.
Insurance advertisements can be misleading if they give the impression that most consumers are eligible for such savings when in fact only a few are. They can also be unclear if the basis of the savings claim is not clearly set out.
The FSA has contacted the senior management of firms where it had concerns and will be requiring them to improve the quality of their advertising. Another review will carried out in three months' time.
Full details of the review and latest information on the FSA's financial promotions regime, including the 2006 progress report 'Financial Promotions: Progress update and future direction', can be found on the financial promotions section of the FSA's website.
Moneyextra.com recommends you take independent financial advice before acting on any article
Back2007-01-16 11:20:56 © Moneyextra.com
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