FSA "stamp out" misleading adverts
17 February 2004
Over 300 cases of misleading advertising were tackled by the Financial Services Authority (FSA) in the six months to the end of December last year.
The city watchdog revealed that it ordered changes to 73 adverts from 63 separate companies.
In five cases financial services firms were ordered to contact investors to clear up any confusion and offer them the chance to pull their money out.
Anna Bradley, FSA consumer director, said the regulator was committed to stamping out wrong or misleading advertisements.
"We continue to receive a steady flow of complaints about misleading advertising and we take action immediately to stamp it out," she said.
"Some of the things that we will be watching out for this ISA season are that risks are clearly explained and that past performance is used appropriately."
The FSA is currently considering action against two television commercials after broadening its monitoring to include daytime TV.