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ASA brands Borro advert irresponsible

The Advertising Standards Authority has banned an advert from pawnbroker Borro that appears to recommend taking out a high-interest loan to fund a holiday. 

The ASA had three consumer complaints about the advert, in which a woman claims she can “do so many amazing things” such as start a business, pay school fees and “fly us to the Caribbean” by pawning a watch. The ASA deemed it to be encouraging ”frivolous spending of borrowed money”.

Advertising body Clearcast said on behalf of Borro the advert was not irresponsible because of the “relatively low” APR  and the low risk of a loan secured against personal assets. But the ASA ruled the advert gave “an impression that careful thought was not required in advance of taking out a loan”.

Borro charges borrowers between 2.99 per cent and 6.99 per cent per month.



Analysis: H2B 1 must not wither on the vine

The Halifax House Price Index for June chimes with the experience of our agency clients who have said for months that pricing is being held at realistic rather than fanciful levels.   The average UK house price fell by 0.6 per cent between May and June to £183,462. Although prices for the second quarter were […]


Caption Competition – 27 August 2014

Fancy a spot at this year’s biggest financial services networking event? Mortgage Strategy is offering the caption competition winner a chance to sit at our table at the Well Child Financial Services Race Day at Goodwood Racecourse. All you have to do is submit a witty caption for the photo above and you will automatically […]


51% of homeowners unfazed by prospect of rate rise

More than half of UK homeowners are not concerned about the impact of a base rate rise on their monthly mortgage repayments, new research has found. A Halifax survey of 1,090 mortgage holders showed 51 per cent are unconcerned about a rate increase and the effect it would have on their mortgage payments.  Homeowners on […]


CFO Lending suspends outbound debt collection

A payday lender has agreed to carry out a past business review and suspend all outbound debt collection activities after the FCA raised serious concerns about its systems and practices. In a voluntary agreement between the regulator and CFO Lending published last week, the FCA said it was concerned the lender has misused banking information provided by customers […]


Employers fined £52,500 for auto-enrolment failings

By Jamie Clark, Business Development Manager The Pensions Regulator (TPR) has taken the step of naming and shaming employers that have been served County Court Judgments (CCJs) for non-payment of auto-enrolment fines. We take a look at what this means for employers, their employees and advisers Shamed into action? Sixty-four employers have been served CCJs […]


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