Brits confused by financial advertising
A new study has shown that more than half of those consumers surveyed feel they have been the victims of misleading financial advertising.
The report by Moneyfacts.co.uk found that 55 per cent of consumers feel they have been misled by an advert offering an astonishing interest rate, while 16 per cent of consumers have made an official complaint about a financial services company.
Moneyfacts.co.uk editor Emma Butler claims that this is a message to financial service providers to be consistent with their word, and a warning to consumers to 'always read the small print'.
She said: 'The whole idea of an advert is to lure in new customers. However, there are rules in place that are supposed to stop consumers being mis-sold financial products through adverts not containing the correct information or by simply promoting headline rates for which most consumers would not qualify.
'With attractive rates on savings products, it can often be the case that there are certain terms and conditions attached.'
Around two thirds of all people accepted for a credit card or personal loan should receive the advertised typical interest rate, but the Office of Fair Trading (OFT) has no effective means of ensuring that this is the case.
Meanwhile, OFT's own research showed that 60 per cent of adverts reviewed did not meet the credit advertising rules introduced last year. | 
