Central Bank reviews financial ads

The Central Bank has warned regulated firms that it is carrying out an ongoing review of advertising for financial products and services after a number of ads failed to comply with new consumer protection codes.

The bank said it has already acted on a number of ads it was concerned about, asking the companies involved to amend or withdraw the advertisements.

In some cases, the Central Bank was concerned about clarity and accuracy, with key information felt not to be “sufficiently prominent”.

Other concerns included the failure to include minimum price or potential maximum saving in the main body of the advertisement.

“The Consumer Protection Directorate’s strategy puts the consumer centre stage and our objective in relation to advertising is clear - consumers should receive balanced information on advertised financial products and services,” said director of consumer protection Bernard Sheridan.