Central Bank finds 66 per cent of credit union ads not compliant

A review of advertising standards in the financial sector has found 66 per cent of credit union advertisements were not in compliance with consumer regulations.

The Central Bank of Ireland examined print, television, radio and online ads by five banks, four moneylenders and 14 credit unions between November 2013 and March this year.

The review found that approximately 30 per cent of 291 advertisements did not contain all relevant information or display the information in a clear, concise and prominent way by means of a representative example as set out in the Consumer Credit Agreements Regulations.

Non-compliance was more frequent in the sample of credit unions reviewed where 66 per cent of advertisements did not meet the regulation requirements.

The Central Bank said it has written to all the firms in each sector highlighting the findings of the review. It said it will continue to monitor advertisements for compliance with various regulatory requirements, to ensure that they work in the best interests of consumers.

"Consumers must be confident that financial products and services, including loans, are advertised and marketed in a way that is clear, fair and not misleading," director of consumer protection Bernard Sheridan said.