May 16 (Reuters) - Financial Conduct Authority (FCA)
* Consumer credit firms must raise advertising standards, says fca
* Examined over 500 advertisements for a range of consumer credit products after assuming responsibility for sector on 1st April 2014
* FCA found examples where consumers were encouraged to hit ‘apply’ button for a product before having a chance to access important information, a tactic which is against its rules.
* Statistics show that one in five adverts from consumer credit firms, for products including payday loans, fell short of FCA’s financial promotion expectations
* Will be working with firms to help them comply with rules and improve standards to benefit of consumers
* Although most firms were quick to make changes once shortcomings were pointed out
* Will continue to monitor these promotions and will be working with firms to help them comply with rules and improve standards to benefit of consumers
* The FCA also acts on complaints received from public and via advertising standards authority.
* In total, 108 promotions were identified as not meeting rules with examples of poor advertising across all mediums including print, online, in-store and direct mail
* Of 108, 75 firms have responded, all of whom have amended or withdrawn multiple promotions. Remaining firms are in process of responding