Trail commission reclaim service Massow’s has agreed with the Advertising Standards Authority to seek pre-approval before making certain statements after an IFA questioned whether the ad’s claims could be substantiated.
Former IFA Ivan Massow launched the Paymemy.com/mission website in September which promises to return 80 per cent of trail commission to clients who are not receiving ongoing advice. The remaining 20 per cent is retained by Massow’s.
A national newspaper ad for the service encouraged clients to recoup trail commission paid. It said: “My mission is to get you back £1,000s in pension and investment commission. It is free money because it is your money!”
The ad goes on to say: “Did you know IFAs can take up to 1.5 per cent of the value of your pension or investments each year, every year regardless of whether or not they give you advice?
An IFA complained about the ad to the ASA, questioning whether the claims could be substantiated.
A spokesman for the ASA says: “Given the ad had a very short run and was no longer appearing and that Massows took the concerns on board and agreed to seek pre-publication advice before making similar claims in the future, we closed the case informally.”