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FSA cracks down on past performance

The FSA is to force fund managers to include past performance warnings in the main body of their advertisements instead of burying them in the small print as many currently do.

In a series of proposals announced in Consultation Paper 132, The Presentation of Past Performance and Bond Fund Yields in Financial Promotions , the regulator also said it plans to prevent past performance from being the predominant message in advertisements and not linking it in any way to the future performance of a product.

For consumers the FSA has said it will publish regular consumer bulletins covering topical issues, set up a hotline to encourage consumers to call the FSA when they spot an advertisement they believe is misleading and review the measures after two years.

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