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MONEY COMMENT
By
The city watchdog, the Financial Services Authority, has urged consumers to report misleading financial adverts after revealing that they issued warnings to 63 separate firms in the second half of last year. In total, firms were ordered to make changes to 73 adverts and in five cases the advertising was so poor that the culprits were told to write to investors explaining the risks associated with the product more fully and offering them the chance to pull out at no cost. The FSA investigated nearly 300 cases in the six months to 31st December 2003, 118 of which had been referred to them by savvy investors. The products that caused the most complaints were precipice bonds, spread betting, share tipping and those offering the facility to unlock a pension. Details of the misleading adverts and the firms involved have not been made public as, in these cases, action was taken behind the scenes without the need for a fuller investigation. But only last week the FSA fined Berkeley Jacobs Financial Services £175,000 for misleading advertising and the poor advice it gave clients to release cash early from their pensions. The FSA said the firm showed a 'blatant disregard' for consumers' interests. The firm is to review the cases of 5,000 clients and has set up a £1 million compensation scheme. If you think you've spotted a misleading advert, you can contact the FSA on its consumer helpline on 0845 606 1234.