News Article Published:
Thursday, 08 May 2008
Category:
Financial Services
The Financial Services Authority (FSA) is still not making financial services marketing rules clear enough, the Financial Services Consumer Panel has claimed.
According to research by the panel, 42 per cent of advertisements for investment products did not comply with FSA regulations.
The announcement follows a call from the FSA for insurance marketing on insurance comparison websites to be clear and not misleading.
But Adam Phillips, acting chairman of the Financial Services Consumer Panel notes that "with the exception of insurance advertising, things have not improved".
He said: "The FSA needs to do more publicly in this area and be true to its principle of being an open and transparent regulator.
"Then firms will be able to see clearly where the standards are set."
Meanwhile, the FSA chief executive Hector Sants has criticised building societies for slack management during the credit crunch.
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