Britain’s Financial Services Authority is to introduce a raft of new measures affecting mortgage lenders, one of which will ban the use of small print when used to play down a mortgage offer’s less marketable aspects.
In future the regulator will require an ad to give these prominence equal to a mortgage’s main selling points. The aim of the FSA is to ensure that the downside of a mortgage is not overlooked by consumers when making a buying decision.
Such unappealing data, says an FSA spoke, will have to be set “in the same typeface as the rest of the information … unearthing all the costs and charges". The new regulations will take effect from August 2002
News source: CampaignLive (UK)