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The FSA and OFT warn consumers to be aware when clicking on financial advertisements.

Whilst I fully support this warning statement and its sentiment, we have issues with the FSA and ”pot calling the kettle black”. 

The OFT and FSA have justifiably raised the issue, and the much welcomed warning is to protect consumers from being ripped off.

Real Trumpo Client Experience: A client made an application online via a google advertised website thinking they had applied to AN Other Bank for a personal loan, they where then duped by a  slick call operator to part with £50 via a debit card on the false pretence that they had been approved for the loan. A 1000 of these a week is a lot of £50’s!  This is clearly missrepresentation and obtaining monies by deception.

Trumpo has an ongoing issue with the regulators own “Money Made Clear” website. When you search Google for Mortgage Advice – guess who is paying to advertise at the top of the google search engines on the term “Mortgage Advice” and inviting customers to click their advert to complete details via their own website for “Mortgage Guidance”, you guessed it, The FSA.

The FSA does not give mortgage advice, so surely they should not be able to bid on this term as it could be deemed missleading?

I wrote a very strong Blog on the subject in May 2008 and we had 43 passionate responses, and a lot more we couldn’t publish.  http://www.trumpo.com/blog/business/fsa-plonkers-drop-another-clanger/

Your honest comments on this subject will be warmly received.

 

Your hard working Trumpo.


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One Response to “The FSA and OFT warn consumers to be aware when clicking on financial advertisements.”

  1. Frustrated Financier. Says:
    September 29th, 2009 at 5:33 pm

    Why does this not surprise me, for years now it seems that we have no support from our regulator and we just take it on the chin.

    I just hope the tories, though im not sure they will be any better, appoint somebody from the industry to actually tell the FSA canary wharf mob how the intermediary market acutally works!