The Incorporated Society of British Advertisers (ISBA) is stepping up its campaign to have “wealth warnings” axed from all financial advertisements on TV and radio, following the removal of requirements to carry them on mortgage ads.
From March 1 radio, TV and cinema ads for mortgages will no longer be legally required to carry warnings about the consequences of failing to keep up repayments. Instead, lenders will have to print detailed warnings on mortgage quotes and offers.
Press and poster ads will still have to carry the caution, because the Department of Trade & Industry (DTI) believes people are more likely to respond directly to these.
The move is a victory for campaigners at ISBA, which is now preparing to lobby for the exemption to encompass all financial ads on the broadcast media.
ISBA director of public affairs Ian Twinn says: “With wealth warnings, familiarity breeds contempt. People are far more likely to take notice of them in written form.
“We intend to put our case to the Treasury and other relevant departments for the removal of wealth warnings from verbal ads for all financial products.”