UK loans company Charles Price has agreed to change its credit advertising after an investigation from the Office of Fair Trading (OFT) found the company's claims did not correspond to legal requirements.
The OFT investigation found that Charles Price was in breach of 2004 Consumer Credit (Advertisement) Regulations (CCARs) which stipulate that advertising should be truthful, transparent and balanced in regard to an advert in a national newspaper earlier this year offering loans of £75,000 secured against customers' homes.
The OFT found the advert failed to give the typical APR greater visual prominence than the offer for "quick loans no fees" and the slogan "bad credit history", as well as failing to give the required security warnings.
Charles Price voluntarily withdrew the advertisement in question after initial contact from the OFT.
The consumer credit advertising regulations apply to most advertisements for consumer credit, consumer hire or credit brokerage, in print, broadcast, or online form.
© Adfero Ltd