Following on from a September 2008 bulletin setting out their expectations for firms in the area of savings advertising, FSA and BCSB have conducted a joint review into the standards found in the market. 116 promotions for cash savings accounts (cash ISAs, regular savings accounts, fixed and instant access accounts) were reviewed, with a focus on press and TV advertising. Overall, FSA and BCSB were satisfied with the general level of compliance with the overarching principle that financial promotions must be fair, clear and not misleading. However, the following shortcomings were identified:
- unclear or insufficient bonus or reward information;
- important information located in small print, including information on withdrawal restrictions; and
- promotions for regular savings accounts that did not include a worked example of AER.