Misleading ‘free banking’ adverts face ban

BANKS are to be banned from advertising “free banking” and are being ordered to increase thesize of small print in adsunder new laws coming into force next month.

The Government’s financial watchdog has drawn up a toughened advertising code following concerns from consumers over misleading promotions from banks and other financial institutions like insurers.

In a letter to the institutions, the regulator’s head of consumer protection codes, Bernard Sheridan, spells out 10 new rules for advertising from July 1.