The Advertising Standards Authority has received a raft of complaints about Bradford & Bingley’s ad campaign promoting its savings products. It has come just days after the Government’s decision to nationalise the battered mortgage lender.
The campaign continues to air this week despite the regulator receiving 16 complaints from those who see it as being in “poor taste”. However, he ASA has decided not to investigate the complaints.
The mortgage lender is being nationalised as part of the Government plan to rescue the bank after it failed to find an outright buyer. The Treasury is to take over B&B’s £50bn mortgage portfolio and sell its deposits and branches to the Spanish bank Santander.
The nationalisation of B&B made it the second UK bank, after Northern Rock, to be taken into public ownership this year as deepening financial crisis claims victims around the world.