In an attempt to get rid of misleading adverts, the industry regulator, the Financial Services Authority has launched a telephone number for the general public.
The misleading adverts hotline number is 08457 300 168 and all details provided will be confidential. Lines are open Monday to Friday between the hours of 8am to 8pm.
Our View
There are a number of misleading adverts doing the rounds at the moment but whether or not an advert is 'misleading' is a matter for interpretation. The FSA is likely to get many calls, which in the long run should flush out the worst offenders. As an example, 580 misleading adverts have been dealt with in the last year.
With the FSA's powers to fine firms for their poor advertising practice and additional regulation on its way for mortgages and general insurance, we should start to see clearer advertising, albeit tamer and a lot less headline grabbing.