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Loan adverts fall short of standards

16 Mai 2014

Citizens Advice is urging people to get mad about the ad as new research from the Financial Conduct Authority finds 1 in 5 adverts about consumer credit fell short of the FCA’s financial promotion expectations.

Earlier this year Citizens Advice reported seven payday loan adverts to the Advertising Standards Authority for misleading and irresponsible practices.

Citizens Advice Chief Executive Gillian Guy said:

“False claims in loan adverts can set people up for financial disaster.  It is utterly irresponsible to say that a product will help someone’s credit rating or clear their debts.   The consequences of signing up to a loan that is not as it appears can be devastating and leave people deep in debt.

“People need all of the details to hand so they can make an informed decision about the products they are signing up to and whether it is right for them.

“Our campaigning has helped get irresponsible payday loan ads off air.  We’re encouraging people to get mad about the ad by reporting them to Citizens Advice.”

If you want to get ‘mad about the ad’ there is a simple form you can fill in from Citizens Advice which we’ll send to the Advertising Standards Authority. Full details here.

Notes to editors:

  1. The Citizens Advice service comprises a network of local bureaux, all of which are independent charities, the Citizens Advice consumer service and national charity Citizens Advice. Together we help people resolve their money, legal and other problems by providing information and advice and by influencing policymakers. For more see the Citizens Advice website.
  2. The advice provided by the Citizens Advice service is free, independent, confidential, and impartial, and available to everyone regardless of race, gender, disability, sexual orientation, religion, age or nationality.
  3. To find your local bureau in England and Wales, visit citizensadvice.org.uk. You can also get advice online at adviceguide.org.uk
  4. You can get consumer advice from the Citizens Advice consumer service on 03454 04 05 06 or 03454 04 05 05 for Welsh language speakers
  5. Citizens Advice Bureaux in England and Wales advised 2.3 million clients on 5.4 million problems from October 2013 to September 2014. For full 2013/2014  service statistics see our quarterly publication Advice trends
  6. Citizens Advice service staff are supported by more than 21,000 trained volunteers, working at over 3,000 service outlets across England and Wales.