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NS&I ad branded misleading

Aire Valley IFA Malcolm Guy has called on the FSA to intervene over a National Savings & Investments advertising campaign which he claims is misleading.

Guy says the ad’s pledge that the NS&I guaranteed equity bond will “genuinely outperform any growth in the FTSE 100 index” should be removed.

He says the final figure used in the bond’s calculation is the average value of the index over the last six months and the word “genuinely” should not be used.

Guy says: “You cannot use words that imply the investment is 100 per cent guaranteed when theoretically there is a chance that it might fail. I find it ironic that when we are being strictly regulated by a Government body, another Government body can put out an incorrect advertisement.

“The FSA should deal with the NS&I with the same heavy-handed approach it adopts when dealing with misdemeanors by financial institutions in the private sector.”

An FSA spokesman says regulating NS&I advertising is not within its remit. He says: “If someone has a beef with an NS&I ad, they should take it up with the NS&I themselves or the Treasury.”

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