Advertising Standards Agency may probe "free advice" advert
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The Advertising Standards Authority will decide in the next week whether to investigate the Money Advice Service’s controversial TV ad following a flurry of complaints from advisers.
The ad, which began airing last month, features a voiceover claiming: “Our advice is independent and unbiased. Oh, and it is free. How is that for a breath of fresh air?”
It has prompted 41 complaints to the ASA, most of which have come from IFAs.
Many complaints centre on the name of the service, claiming the use of the word advice is misleading.
Complainants also object to claims that the advice is free and feel the references to “independent and unbiased advice” are misleading.
An ASA spokesman says: “A decision on whether or not to investigate has not been made as we are collating the nature of the complaints we have received.
“We have to assess each complaint on each individual point, which means the process is more protracted than it would normally be. We cannot say whether or not there is going to be an investigation at this stage but we should have a decision on this by the end of this week or the start of next.”
Evolve Financial Planning director Jason Witcombe says: “We need to be very careful with the word advice. Having an impartial place to go for factual information is fine but factual information is not advice. The use of the word unbiased feels a bit deliberate. I do not see why it cannot be called an information service.”
Baronworth Investment Services director Colin Jackson says: “As a principle, the MAS is a good idea but in practice the message is misleading. One wonders whether this would be allowed if an IFA was making similar claims.”
An MAS spokeswoman says: “We have not been contacted by the ASA about this matter, therefore we cannot comment at this stage.”
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Readers' comments (24)
Paul Howard | 14 Jul 2011 9:17 am
Hurrah - but ony 41 complaints?
Come on industry (IFA, Tied and Multi-tied) - if anyone else had done that advert, the FSA would have come down on us like a ton of bricks.
If the FSA is allowed to ignore their rules - what hope does the rest of the industry have?
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Chris F | 14 Jul 2011 9:29 am
If the MAS are forced to withdraw their advert by the ASA what will happen?
They will spend further £10m of our client's money preparing another one. They all get to keep their jobs and we get a little bit poorer.
That is why I didn't complain.
Change what you can and work with what you can't.
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Mike Berry | 14 Jul 2011 9:31 am
We used to have a high street shop with a sign in the window that said "Free Independent Mortgage Advise" Guess what? We were told by the FSA that we couldn't say that even though we we whole of market, gave advise, and didn't charge a fee. So we had to change our window display. Should I send a bill to the FSA for the costs we incurred?
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tom smith | 14 Jul 2011 9:42 am
Bearing in mind the amount of general disatisfaction and comments on this and areas where out community feel underminded or put upon etc, but equally less real opportunity to feel a voice is heard, but equally complain against our trade bodies etc, would it not show a structured approach to things and on mass register a complaint on the ASA web-site http://www.asa.org.uk/Complaints/How-to-complain.aspx and use this opportunity to make a difference, instead of expecting it to be done by others?
saw Ken Davy speak yesterday, his quote from Confucius " a man who stands on a mountain, with his mouth open, will wait a long time for roast duck to fly into his mouth"- does this apply to any of us?!
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Anonymous | 14 Jul 2011 9:43 am
There would have been 41,000 complaints were IFAs to believe that they could get a fair adjudication on this matter. One government quango investigating another government quango working at the behest of another government quango - the outcome is a foregone conclusion !
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Anonymous | 14 Jul 2011 9:43 am
Its not "Free" and it's not "Advice". I'd even questions as to whether it's a "Service" of any sort. If the FSA were following their own Financial Promotions rules they would breach about 10 of their own rules. The whole thing really is a load of old hypocricical rubbish.
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Anonymous | 14 Jul 2011 9:51 am
What? WHAT? Only 41? Come on girls and boys, there's a principle here! Remember for evil to prevail the good need do nothing.
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Simon Webster | 14 Jul 2011 10:02 am
Complain direct to ASA online here
http://www.asa.org.uk/Complaints/How-to-complain/Online-Form/Step1.aspx
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Harry | 14 Jul 2011 10:16 am
@Mike Berry
I'm glad you took down the sign "free independent mortgage advice"
Those are exactly the type of signs which brought the majority of the mortgage industry down to their knees - offering valuable knowledge for free. So much so that the consumer now expects knowledge to be given for free.
I'd complain too - but only on the basis that others are not allowed to say "free advice, independent and unbiased" whilst not being authorised. The rest I don't have a problem with....
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Julian Stevens | 14 Jul 2011 10:17 am
The breath of fresh air statement also sticks in my craw, as it implies that advice that has to be paid for is in some way a rip-off. It's effectively a sweeping insult to everyone out here trying to make an honest living by providing a professional service and charging for it accordingly. Would free accountancy or legal or any other professional service be a breath of fresh air if somebody other than the consumer was paying for them?
I shall complain.
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