Advertising Standards Authority rejects MAS "free advice" complaints
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The Advertising Standards Authority has rejected adviser complaints over the Money Advice Service’s controversial TV ad which claimed it offers free, independent advice.
In July, Money Marketing revealed the ASA had launched a formal investigation after it received 80 complaints.
The ad began airing in June and included a voiceover claiming: “Our advice is independent and unbiased. Oh, and it is free, how is that for a breath of fresh air?” Complainants claimed thereference to advice was misleading, arguing the MAS provides information rather than advice. Complainants also challenged the independent and unbiased claim.
In its adjudication, published today, the ASA says: “The ASA considered that most consumers would understand the references to ’advice’ in the ad to mean the advertisers offered general information, guidance and advice on financial issues and products in a general sense rather than providing “advice” in the specific, technical and commercial way that IFAs offered.”
The ASA had already narrowed its investigation after rejecting a number of initial adviser complaints.
Yellowtail Financial Planning managing director Dennis Hall, who was one of the complainants, says: “The ASA cannot rule against the use of words that we might think are inflammatory but I am disappointed that more advisers did not express a view. You have to make a stand or you get walked over.”
Essential IFA managing director Peter Herd also made a complaint. He says: “It is a complete and utter whitewash. I would like the MAS to clearly spell out that it can only provide information. We need to educate the public that advice needs to be paid for and the Government should back that message.”
An MAS spokeswoman says: “We have noted the ASA’s decision and welcome the outcome.”
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Readers' comments (21)
Ha ha haaaar | 14 Sep 2011 8:48 am
No #### Sherlock!
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An old IFA | 14 Sep 2011 8:49 am
I to was a complainant and agree this was a total whitewash.
Only 80 people complained.
Presumably the ASA was "leaned on"!
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Anonymous | 14 Sep 2011 8:51 am
Surprise, bloody surprise !
"most consumers would understand........." was based upon what research and analysis ? In my experience, most consumers don't understand very much at all, even when it is spelled out to them !
This smacks of one quango scratching the back of another quango.
We're supposed to live in a free, democratic society - more hogwash !
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Mr Smug | 14 Sep 2011 8:52 am
And one unaccountable quango backs the other. Quelle suprise!
The corruption in this country is now utterly breathtaking.
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Nick Bamford | 14 Sep 2011 8:55 am
Isn't it good news that the ASA have recognised that the advice provided by IFAs is "specific, technical and commercial" for which read meaningful and that provided by the MAS is only in a "general sense"?
In other words what IFAs do is valauble and what MAS does is much less so.
Result in favour of IFAs I would say
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Lee Tomkins | 14 Sep 2011 8:57 am
Its a joke. If we used the word 'mortgage' in our advertising then we have to have various warnings and fee structures included. Advice is even more onerous and should also be subjected to the same rules we are. How on earth can they be called an 'Advice' servive and then not give advice. It is mis-leading in the extreme. They should be told to change name to the Money Information Service' at least oir become regulated like the rest of us, hell we could do with some extra help to pay for all the mis-management of our fees and the ambulance chasing culture we are now in.
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CONFFA | 14 Sep 2011 9:02 am
Like others "Am I not surprised", saw this coming from the beginning, no way would FSA let outcome be any different.
Strongly smacks of ASA not having a clue what they are talking about.
Advice and advise do NOT equal general information, the two are different - and it's certainly not free either, but that's a separate point
What a pathetic outcome
Yours disgustedly
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Phil Sipocz | 14 Sep 2011 9:03 am
Well I was one of the 80. I received my knockback a few weeks ago. To be honest it wasn't a surprise. The response was condescending, used jargon and looked like it had been written by the MAS itself. Whitewash seems a fair comment!
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Anonymous | 14 Sep 2011 9:19 am
I was one of the 80. For all the good its done I may as well be 1. Clearly some 'advice' is more equal than others (apologies to G. Orwell).
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Anonymous | 14 Sep 2011 9:22 am
Left Hand In "Washing Right" Shock
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