Digital marketing company Bigmouthmedia has published a white paper calling for the FSA to introduced specific guidelines governing the sale of financial products online.
The company says there is a “growing cause for concern amongst marketers” that the FSA has yet to issue guidelines dealing specifically with how financial marketers engage online.
Bigmouthmedia senior finance strategist Chris Cathcart says: “The internet was in its infancy when the FSA opened its doors, but in little more that a decade it has revolutionised the way consumers interact with the commercial world.
“Digital advertising formats make compliance with the standards set out for traditional media extremely difficult and in a culture where companies selling financial products must be extremely vigilant against falling foul of legislation, marketers find their ability to engage with the burgeoning marketplace restricted.”
Financial software firm Money Dashboard chief executive officer Gavin Littlejohn says the paper makes some interesting observations on the distinction between online and offline financial promotion.
He says: “It highlights the need for online consumers to be afforded the same degree of protection as offline, but that the delivery needs to be different.”