Has an advert ever made you rich? Didn’t think so…

I’ll wager that it’s not possible to go a day without spotting a misleading advert.

We’re bombarded with promotions on TV, street posters, text, newspapers, pretty much everywhere.

And it’s fair to say that advertisers are not always whiter-than-white about the tactics they employ to get your cash.

Financial adverts under the microscope

When we took a look at financial ads, we didn’t have to search too hard to find six promotions that we felt breached consumer law.

Examples include an investment firm that supports its ad with quotes from national newspapers that appear to endorse the product. On closer inspection, the firm was also the source of quotes. Another is littered with references to a price ‘guarantee’ that is only relevant to a small proportion of people who fit a certain criteria.

I can understand the pressure marketing departments are under to produce ads that will snaffle customers from their competition – I’ve seen Mad Men. But there are rules governing what’s right and wrong, and from what I’ve seen, too many overstep the mark.

Annoying adverts are one thing, but potentially crooked promotions are another. Spotting the difference isn’t straightforward, which is why we need the regulators to take a tough stance.

Watchdog should be ready to pounce

So, what’s the cure? Currently there is little to suggest that providers of dubious adverts will get hammered by the regulator – in this case the Financial Services Authority (FSA).

But pretty soon the FSA will be replaced by the Financial Conduct Authority and its chief, Martin Wheatley, shared some of his ambitions here on Which? Conversation last week. We hope that the new watchdog will bare its teeth, rather than be a lapdog. The FCA will have greater powers to name and shame financial providers who peddle questionable ads, and impose fines.

Have you spotted a questionable claim in a financial ad on TV, radio or in a newspaper?