Bigmouthmedia Calls for new Rules Governing Sale of Financial Products OnlineBy Bigmouthmedia, PRNE
Thursday, September 16, 2010
EDINBURGH, Scotland, September 17, 2010 - Bigmouthmedia has published a white paper calling for the Financial
Services Authority to introduce specific guidelines governing the sale of
financial products and services online.
While almost a quarter of all UK-based marketing spend is now online,
there are still no specific guidelines for how financial marketers should
engage in online marketing. Bigmouthmedia's white paper demonstrates growing
cause for concern amongst marketers that while the internet has created a
unique set of conditions; the FSA has yet to provide specific guidelines for
marketers using the channel.
"It is time for the Financial Services Authority (FSA) to address one of
the most neglected issues of its time and produce a set of guidelines
designed to help financial services market their services both ethically and
effectively. At a point when restoring the industry's position in the public
esteem remains of critical importance, getting the message right online will
be a significant step forward," said Chris Cathcart, Senior Finance
Strategist at bigmouthmedia.
"The internet was in its infancy when the organisation founded to
regulate the finance sector first opened its doors, but in little more than a
decade it has revolutionised the way that consumers interact with the
commercial world. We believe that a specific set of rules developed to
specifically address the unique conditions surrounding online trade could
bring an end to a lot of existing confusion."
Digital advertising formats make compliance with the standards set out
for traditional media extremely difficult, and in a culture where companies
selling financial products must be extremely vigilant against falling foul of
legislation, marketers find their ability to engage with the burgeoning
marketplace restricted. The problem, however, does not stop there.
As a recent bigmouthmedia survey revealed, consumers are less than
content with the way financial services are sold to them online. They
demonstrate widespread mistrust of the claims made of a raft of available
products and a clear preference for terms and conditions written in plain
English they can understand.
"Bigmouthmedia's paper on the regulation of online financial distribution
makes some very interesting observations on the
distinction between online and offline financial promotion, and the need for
greater flexibility in the online world to build up the picture for the
consumer, rather than trying to deliver all the jargon and protection
information in the single advert view. It highlights the need for 'Online'
consumers to be afforded the same degree of protection as 'offline' but that
the delivery needs to be different. At Money Dashboard we will strongly
support any regulatory initiatives that champion 'online' financial consumers
getting to a more intuitive and simplified view of product information to
assist them with financial decisions," said Gavin Littlejohn, CEO of Money
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About bigmouthmedia (www.bigmouthmedia.com/)
Founded in 1997, bigmouthmedia is Europe's largest independent digital
marketing agency. With a team of over 200 staff located across 13 offices in
10 countries on 3 continents, the company maximises exposure for major brands
online through a variety of fully integrated digital marketing channels:
Search engine optimisation (
PPC, Online Media Planning, affiliate marketing (
Networking, Brand Monitoring, Online PR and Web Analytics. Bigmouthmedia also
provides up to date daily digital marketing news (
www.bigmouthmedia.com/news_information/industry_news/) to ensure
clients are fully informed and aware of all industry developments.
For further media information please contact Iain Bruce Media Strategist bigmouthmedia 51 Timberbush Edinburgh EH6 6QH (+44)131-555-4848 @bigmouthmedia
For further media information please contact: Iain Bruce, Media Strategist, bigmouthmedia, 51 Timberbush, Edinburgh, EH6 6QH, (+44)131-555-4848
Tags: Bigmouthmedia, Edinburgh, scotland, September 17, United Kingdom