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Fund firms split over FSA ad moves

The move by the FSA to increase the information included in the main body of financial ads will push investors towards seeking out advice, claim fund managers.

By compelling fund managers to include past performance warnings and further information about bond yields in their marketing materials, Thread-needle believes consumers will be more likely to seek financial advice.

The company says the industry had anticipated a crackdown on the use of past performance and has already reduced the use of performance in ads.

Director of communications Richard Eats says: “The more information you give people, the more they are going to be driven towards intermediaries to help them understand it.”

However, other groups say making it more difficult to use past performance in marketing will act as a barrier to smaller fund houses which do not have a strong brand name on which to base their ads.

Invesco Perpetual says it welcomes the move to ensure past performance is used in a way that does not confuse consumers but says it makes it difficult for new entrants or fund management houses which have not focused on creating a brand name to challenge the more established companies.

Marketing director Angus Woolhouse says: “It puts greater emphasis on those fund management companies that have historically developed a strong brand name recognition. The industry needs some sense of standardisation as to how we can use the information going forward.”

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