Discussion Paper – Digital Advertising in Financial Services
Industry News | 02/07/20
The Financial Services Consumer Panel has published its Discussion Paper based on the findings of two pieces of exploratory research, focusing on the short-term lending and the ‘pensions-to-cash’ sectors, across social media platforms. It raised great concerns around the financial promotion of short-term lending products online especially. The Panel fears that the short-term lending industry online is not treating customers fairly by targeting their adverts to potentially the most vulnerable in society.
The Panel’s research also showed that in the online pensions-to-cash space, unregulated brokers dominate with websites lacking transparency, poor disclosures of risk warnings and adverts targeting the under 55s to access their pensions which could lead to a huge tax bill.