TheFinancial Services
Authority (FSA)is monitoring promotions on
financial service company websites as an investigation reveals that
some promotions were misleading.
In an investigation of 77 websites the FSA found that a quarter
"failed to sign-post key information" and as a result "failed to
present information in a fair, clear and not misleading way."
The FSA said standards have improved since reviews in 2005 and
2007 identified problems but said it "will be carrying out a
further review in March 2008 and will take action if it finds
further failings."
Dan Waters, director of retail policy and themes at the FSA,
said the internet is the favoured channel for many people looking
for financial products.
"However, it can expose consumers to high risk as they are able
to make instant purchases without advice. This is why it is so
important that firms' websites are fair, clear and not misleading,"
he said.
"Although many firms' website-based promotions are meeting our
requirements, we expect the senior management of all regulated
firms to ensure their customers are treated fairly - and we will be
looking at promotional websites again early next year to make sure
that firms have taken our findings on board and are taking website
design seriously."