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ASA bans ad from payday loans company

The Advertising Standards Authority has banned an advertisement from short-term loan company,, for being misleading.

An ad viewed on November 3 2011, stated: “I can’t believe how quick and simple the whole process was … – Susan B. (Nurse, Sheffield)”.

Beneath this, text stated: “Application process coming soon. In the meantime, if you would like to enquire about a loan please email [email address].”

The complainant challenged whether the ad was misleading, because he did not believe that the testimonial was genuine, because the website did not appear to have an application process.

Financial Text Ltd t/a MobyLoan did not respond to the ASA’s enquiries.

The ASA was concerned by MobyLoan’s lack of substantive response and apparent disregard for the Code, which was a breach of CAP Code clause 1.7 (Unreasonable delay).

It reminded it of its responsibility to provide a substantive response to its enquiries and told it to do so in future.

The ASA noted that it had not seen any documentary evidence demonstrating that the testimonial was genuine. It also noted that there was no online application process on the website and that consumers had to directly contact the advertisers to enquire about a loan, by e-mail or by post.

Because it had not seen any evidence to show that the testimonial featured on the website was genuine, it concluded that the claim “I can’t believe how quick and simple the whole process was … – Susan B. (Nurse, Sheffield)” was misleading.

The claims breached CAP Code (Edition 12) rules 1.7 (Unreasonable delay), 3.1 (Misleading advertising), 3.45 and 3.46 (Endorsements and Testimonials).


UK has avoided recession, claims BCC

The UK is likely to have avoided recession in Q1 2012, according to the British Chambers of Commerce, although significant risks remain for the economy.


It has been a welcome return to normality after the madness of Budget week – although arguments are still rumbling on over Stamp Duty for those purchasing in company names, and the tax cut for the wealthy supposedly paid for by a bit of granny bashing.

Colin Sanders, Chief Executive Officer, Omni Capital

In the money

The Budget has put the spotlight on high net worth borrowers with changes to Stamp Duty, which have elicited a mixed reaction. Mainly concentrated in London, the sector remains the domain of a few specialist brokers and is predicated on strong relationships


Out from the long grass? An IT and NI merger

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