ENP Newswire -
Release date- 14072014 -
The Central BANK examined print, television, radio and online advertisements that were in circulation from
The Review found that overall approximately 30% of 291 advertisements did not contain all relevant information or display the information in a clear, concise and prominent way by means of a representative example as set out in the CCR. Non-compliance was more frequent in the sample of credit unions reviewed where only one-third of advertisements met the CCR requirements, compared to 99% and 88% compliance rates for the sample of banks and moneylenders respectively.
Director of Consumer Protection,
In addition to this specific Review, the
Should a consumer feel that any regulated firms' advertisement or promotion (this includes TV, radio, print, online, buses, flyers etc.) is unclear, inaccurate or misleading, they can report the advertisement to the Advertising Unit in the Central BANK at firstname.lastname@example.org
Notes for editors:
About the firms and the advertisements selected
The Review examined the advertisements of 5 banks, 4 moneylenders and 14 credit unions.
Firms were selected based on their market share, risk impact rating and/or likelihood to use advertising to promote credit agreements to their customers.
Of the 291 advertisements reviewed, approximately 50% related to websites, online and social media and customer communications, 26% related to newspapers and 24% related to billboards, brochures, radio and catalogues.
About the CCR requirements that were reviewed
Part 2 Section 7 of the CCR requires that 'Any advertising concerning credit agreements that indicates an interest rate or any figures relating to the cost of the credit to the consumer shall include standard information in accordance with this Regulation. The standard information shall specify in a clear, concise and prominent way by means of a representative example;
the borrowing rate, fixed or variable or both, together with particulars of any charges included in the total cost of the credit to the consumer;
the total amount of credit;
subject to paragraph (3), the annual percentage rate of charge;
if applicable, the duration of the credit agreement;
in relation to credit in the form of deferred payment for a specific good or service, the cash price and the amount of any advance payment; and
if applicable, the total amount payable by the consumer and the amount of the instalments'.
About the Advertising Unit
The Advertising Unit in the
Other Advertising Requirements
 See notes for editors for Part 2, Section 7 of the CCR
 See notes for editors for sectoral breakdown
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