View more on these topics

Watchdog says no to Yes Loans text promotion

The Advertising Standards Auth-ority has banned a text message advertisement sent by Yes Loans UK, based in Cwmbran.

The SMS advert for loans stated: “Hi XXX, we have received your loan enquiry. Please call Yes Loans UK.com on XXX or reply yes for a callback txtSTOP2optout.”

The ASA received two com-plaints from individuals who said they had not enquired about loans. They also questioned whether the advert was likely to mislead consumers as it was not clear that it was a marketing communication.

Yes Loans UK said the message was worded to reflect the fact that it was not an unsolicited communication and was sent only when it received an enquiry via its website or an affiliate provider.

It claimed the first complainant received the message in error and the second had submitted an application for a loan in 2007. But the ASA said it was concerned the advert was sent to the first complainant without her consent. It also noted that the second complainant had consented to being contacted more than two years ago.

The ASA ruled that the advert must not appear in its current form.

Recommended

KEVIN PATERSON, SALES AND MARKETING DIRECTOR, ASSURANT INTERMEDIARY

Let’s not wrap landlords up in red tape

The private rental sector has finally been recognised as a serious contributor to the housing market by the government. And more importantly, the value this sector adds to the economy has also been noted. In a recently published report the Treasury states that it has decided to consider making some changes to the form of […]

Legislation paved the way for today’s claims companies

I have just read the article concerning Ratio Money closing (Mortgage Strategy Online). I’ve been in this business for 40 years and since the advent of the Consumer Protection Act in 1987 there has always been someone suggesting to consumers that they need never take any responsibility for their actions or decisions. I regularly get […]

When it comes to buying homes, it’s back to the future

Regarding comments that banks should not be pressured to increase their LTVs (Mortgage Strategy Online), the maximum you could get in the 1970s was 90% LTV. This was subject to borrowers having saved a 10% deposit with the lender concerned and taking on a mortgage indemnity guarantee for 15% of the value of the property. […]

Finance is only one hurdle for small developers

The housebuilding market in its current form simply isn’t working. We are completely over-reliant on the biggest players in the industry – the largest nine are responsible for more than 50 per cent of the new homes built in the UK. But there is a reluctance to do more, particularly in this uncertain post-Brexit world. And with […]

Newsletter

News and expert analysis straight to your inbox

Sign up