The Advertising Standard Authority (ASA) upheld a claim against a money transfer firm, TransferWise Limited, for misleading customers on how much they can save on its platform.

The advert by TransferWise set out a comparison between TransferWise’s and other banks’ fees, which was deemed by the ASA as a comparison with identifiable competitors.

The CAP Code requires that comparisons with identifiable competitors are verifiable. The ASA noted that the advert in question did not contain any information, or a signpost to information, which would allow consumers to understand and check the validity of the claims. Therefore, because the basis of the comparison could not be verified, ASA concluded that the advert breached the Code.