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Claim-chaser rapped over misleading ad

The Advertising Standards Authority has upheld a complaint against a claim management company for giving misleading information about the success rate of CMCs compared with individual complainants.The complaint was brought by the FSA against CPH Financial Advisory Services, an IFA firm that also acts as a CMC, in connection with an advert from September 2005.The ad included the line: “If history is anything to go by, we expect to win the vast majority of cases. This contrasts with the experience of DIY complainants, most of whom fail.”The ASA says the literature broke codes on substantiation and truthfulness and warned the firm against repeating the statement in future.CPH says the statement was made in error and apologises for the mistake. It provided the ASA with a current version of the ad that does not include the claim.An FSA statement says: “Our action was in line with our statutory objectives of securing the appropriate degree of protection for consumers. We work closely with the ASA to ensure financial advertisements are clear, fair and not misleading.”We will continue to refer to the ASA advertisements that we consider do not meet this standard but which fall outside our regulatory scope.”Affluent Financial Planning managing director Carl Melvin says: “This is a small victory for advisers highlighting the arrogance of some of these firms and the need for regulation.”

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