IFSRA one year on - progress report

Guest · 16 Jun 2004

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RAIPI · 17 Jun 2004

IFSRA Progress Report

What progress? Have I missed something?

Brendan Burgess · 17 Jun 2004

Assistance to Consumers Example 4
We monitor the media regularly for advertisements of financial services. A financial service provider was advertising a
product. When we examined the terms and conditions of the product on offer we realised that the claims made in the
advertisement were untrue. We immediately requested all marketing of the product to be withdrawn and called
representatives of the financial service provider to a meeting to discuss the product and their marketing of it. We
explained that it was not in the best interests of consumers to make misleading or untrue claims about a product. The
advertisements were permanently withdrawn.

This is simply not true.

I take it that they are referring here to the Permanent TSB ad for the best deposit rate.

They did not see the ad. A member of the public complained the ad. They rejected the complaint.

He complained again. They rejected it a second time.

He complained again and Permanent TSB agreed that the ad was misleading and withdrew it.

On the BCP Quadruple Growth Bond, they have stopped the Advertising Standards Authority of Ireland processing my complaint about the ad. I am quite sure that any group of people would strike down the BCP adverts as misleading. I cannot understand why IFSRA approves them.

Brendan

IFSRA one year on - progress report

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RAIPI

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Brendan Burgess

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