The UK Financial Services Authority, responsible for monitoring and policing the nation's financial services industry, is to set-up a new department dedicated to oversight of financial advertising. It also plans a whistleblowers' hotline.
Both initiatives will be announced as part of an overall business plan to be unveiled later this week by new chief executive John Tiner. But as yet, no-one has been named for the advertising hotseat.
The new advertising scrutiny department will employ thirty staff, for the first time adding TV advertising to the FSA's supervisory duties. Staff will visit firms to ensure they are complying with its rules.
Explains the FSA business plan: "We are already receiving a steady flow of reports about misleading advertisements from consumers through our website, and we will now set up a hotline to encourage further reports from consumers and firms.
"We will build on work carried out in recent months examining specific areas of concern such as advertisements in regional newspapers and television commercials.
"Promotions for mortgages will come within our remit from October 2004; we will work with the industry to explain the standard we require and to help firms prepare."
Data sourced from: Telegraph.co.uk; additional content by WARC staff