7.4 The small print and regulatory requirements Flashcards
Small print definition
Text that appears at the foot of the document or screen in a very small font size to describe terms and condition
Why is small print used?
It is not in the interest of providers to emphasise terms that a customer might find unattractive
Questions you can consider to help spot and avoid misleading financial adverts:
- Do I have to pay a fee?
- What are interest rates and when will interest be paid?
- How long do i have to commit for?
What does the FCA require that promotions must do?
- Not hide any important information
- Make clear any risks involved
What does the Advertising Standards Authority require?
Advertisements to be legal, decent, honest and truthful
Where does the ASA require risk warnings in financial advertisements to be set out?
Early in the document in a large type size
What does the Plain English Campaign do?
Gives a ‘Crystal Mark’ to organisations that use simple and plan English in their customer literature
Why is it in the interest of providers to help people grasp benefits and risks of products?
- Bad reputation if they confuse people deliberately
- Help avoid complaints about a lack of transparency
- Avoid allegations of mis-selling
Did PPI cover the self–employed?
No
