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FSA Reviews Websites

The Financial Services Authority (FSA) made a further announcement about it's ongoing review of the way websites show financial promotions.

The FSA had previously made an announcement about the way finance companies were using sponsored links on internet search engines and this further report covers the advertising of financial products on the websites themselves. The responsibilty for the regulation of financial products like loans, mortgages and insurance products falls across several organisations including the FSA, the Office of Fair Trading (OFT), local Trading Standards and a number of trade sponsored regulators.

This most recent report from the FSA on financial promotions comes after they reviewed the website content of 77 different finance businesses. They state that 75% of what they saw was within the regulations but there is still a volume of website content that is incorrect and needs to fall in line with the current rules.

The primary instruction from the FSA is that sites must in principal be "fair, clear and not misleading" and they report that several sites still do not comply.

The other statement included in the report was that the FSA will come back to this area in March next year and they threatened to take action against non-compliant sites. That should be seen as a serious warning to those sites that don't stick to the rules. The loans best buy tables on a well known comparison site were recently pulled up for misleading customers with the way they displayed typical interest rates.

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