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ASA takes action against IFA’s leads firm

The Advertising Standards Authority has intervened five times in just over a month to stop an IFA’s lead generation firm sending “unwanted” communications and “breaching personal data”.

Lead generation firm TAB Finance has been wrapped by the ASA for five separate breaches since 10 October after sending “unwanted” communications to people who have been wrongly identified as leads in the mortgage, loans and debt management industries.

TAB Finance director Simon Durrans is also financial adviser working at Huddersfield-based DML Independent Financial Advisers.

ASA intervenes to stop communications when an organisation obtains, processes, manages or uses information to specifically target individuals to market products or services.

An ASA spokesman says it cannot give details of the specific breaches by TAB, but added breach of personal data can include continuing to send emails that people have opted out of and unsolicited texts and phone calls.

Durrans says: “Around 99.9 per cent of our leads are genuine but we cannot cover everything. If we get any calls or complaints from the ASA then we act on it as soon as we get it and deal with it that same day.

“We try to do everything as morally and accurately as we can and do the best by our customers. We treat any complaints very seriously.”

Informed Choice managing dircetor Martin Bamford says: “Consumers face a daily onslaught of uninvited communications, particularly from claims management firms. If the Ministry of Justice is ineffective in stopping this, then maybe the ASA stands a better chance. It certainly appears to have bigger teeth.”

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Comments

There are 7 comments at the moment, we would love to hear your opinion too.

  1. So come on ASA great work but when are you going to take action against some of the bigger players in this market?

    I would have thought ALL lead generation firms are misleading as they are trying to sell services that they don’t actually offer.

  2. I’m assuming that this happened because we are getting close to Christmas; although I’m still not sure why the ASA would want to wrap TAB Finance. How much wrapping paper would that take?

  3. Derek Bradley ceo Panacea Adviser 19th November 2012 at 11:28 am

    But not CMC’s?

  4. Part of this story is flawed – the ASA is an industry-funded regulator that can only require ads to be withdrawn or pre-vetted. It is, in that sense, toothless. The Information Commissioner also regulates direct marketing via Data Protection and the Privacy Regs, and they can fine up to £500,000. Would it not be better for them to intervene?

  5. I have been plagued by phone calls after TAB Finance got my number. I am not one of witnesses related to the article.

  6. I have been receiving unsolicited calls from companies describing themselves as “providers of financial solutions”.

    When asked where they obtained my details, each has stated that they received them from TAB Finance.

    I have not applied for any credit in recent years and my credit report is fine. I do not understand why my details are being traded around.

    I have tried calling TAB finance and have left a message on the answering machine, but have not received a call back.

    What do I have to do to
    1. find out where TAB Finance obtained my details
    2. to prevent my details being used and distributed?

  7. I have just received a call from a company called Fresh Start Finance in Stockport, the operator told me that she was calling me because I had recently had a loan application turned down. I have not applied for a loan, and have an excellent credit rating. When I pushed her for more details she said that my information had been obtained from TAB Finance, I asked to be put through to someone higher than her and was told I needed to end the call and ring back as she needed the line to make more calls.She then hung up on me. I did call back and was told that the enquiry could have come from a comparison website (I had used Compare the Market in the previous week) and did not necessarily have anything to do with a loan.
    Very worrying that our financial details are banded around between these financial companies.

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