How to complain about misleading financial ads Search engines

Our survey showed that 16.3 million adults had seen a misleading financial ad

Unbiased.co.uk, an organisation representing independent financial advisers, has been monitoring online financial advertising. It is particularly concerned about consumers looking for an independent financial adviser via UK search engines, such as Google.

By monitoring links and advertisements on a weekly basis, Unbiased.co.uk has discovered that typing in 'IFA' or 'independent financial adviser' generates some sponsored links that steer consumers to non-independent advisers, who recommend financial products from limited sources.

Misleading links

Unbiased.co.uk has been submitting what it considers to be misleading links and advertisements to the FSA, as it is worried about the potential harm these could cause consumers.

According to research Unbiased.co.uk carried out, 92% of people looking for an independent financial adviser use the internet.

What needs to be done

In 2012, the FSA will be divided into three new bodies the Financial Conduct Authority (FCA) will operate as a consumer champion, alongside two other regulation bodies; the Prudential Regulatory Authority and the Financial Policy Committee.

Following pressure from Which? the government has confirmed that the new FCA will name the firms involved when it requires them to amend or withdraw a financial advert. This will provide an extra incentive for firms to get it right first time to avoid being named and shamed.

In the meantime, to stop yourself being caught out by a misleading ad, make sure you understand exactly what an advert is promoting. If you think that it's misleading, report it to the relevant regulator.

Join the debate

Is an A-level qualification enough for financial advisers? Share your views on Which? Conversation.