The Advertising Regulatory Board recently introduced a section in its Code of Advertising Practice on the marketing of crypto assets. Strangely, the code does not have much to say on the marketing of regular financial products, but the section on crypto is quite detailed. It reflects another, broader, code, which marketers of all financial products need to take far more seriously, in my view, and which you, as a consumer of financial products, should be aware of: the General Code of Conduct for financial services providers under the Financial Advisory and Intermediary Services (Fais) Act. If consumers were more active in complaining about misleading advertising, product providers would be far more circumspect about crossing the line, which, in my opinion, they do frequently.
One example is the insurer’s boast, which…