FSA urged to broaden web review

In its recent research, the FSA found that a quarter of online Financial Promotions continued to flout the regulator’s rulings on the subject.

Having made 130 visits to 77 websites, the financial services regulator confirmed that practices had improved within the online arena – despite 25 per cent of the sample sites failing due to navigational difficulties and failings in signposting key information.

Commenting on the findings, Dan Waters, director of retail policy and themes at the FSA, said: “Although many mortgage firms’ website-based Financial 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.”

However, David Elms, chief executive at IFA Promotions, called on the regulator to do more to tackle misleading Financial Promotions online.

He said: “The FSA’s focus on this particular area is welcome, but it is only doing half the job. The regulator has got it right in looking at the internet as the place for financial advice, but the issue completely ignores search engines.”

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