Financial promotions - getting it right
“60% of the time, it works every time.” This much-quoted line from ‘Anchorman’ is memorable because of how accurately it parodies an ad man’s talent for obfuscation.
While many companies in the real world advertise their products and services using similarly confusing claims, it’s up to the consumer to decode the facts and figures to make an informed decision –here’s a free tip: anyone promising to make your hair feel up to 90% more ‘volumised’ should be met with a degree of scepticism.
In the consumer credit sector, you can’t play fast and loose with how you communicate your services. The Financial Conduct Authority (FCA) recently released its findings relating to financial promotions, and during the period from October 2015 to March 2016, over 40% of cases which resulted in amends or withdrawal related to the consumer credit sector. This figure we can believe.
If you’ve not reviewed your promotional collateral for a while, I would encourage you to do so as soon as possible. At all times a firm must ensure that its financial promotions are clear, fair and not misleading. Consider the following guidance notes:
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