‘We’re seeking to communicate more proactively with the industry, trade associations and advertising agencies,’ said Delfas. ‘There have been instances where people have been misled by promotional material. We need to nip things in the bud to ensure promotions are fair, clear and not misleading.’
Delfas added that as well as the Association of British Insurers and the Investment Management Association, the FSA would aim to work closely with the Advertising Standards Authority to ensure their efforts do not overlap.
The FSA’s financial promotions department is 18-strong and is on a recruitment drive to take it up to 30, composed of a mixture of legal, marketing and administrative staff. The department was created earlier this year.
Jones, who described his role as centring on ‘stakeholder engagement’, will work separately from the FSA’s main press office function. Jones joined PPS as an account director in April 2001 from Politics International.
In the FSA’s Business Plan for 2004/05, CEO John Tiner said: ‘We have decided to significantly increase the resources committed to our regulation of financial promotions. We will expand our monitoring activities to include TV commercials and we will also have a general focus on direct offer materials.’
The department’s task will expand when promotions for mortgages come under the FSA’s remit in October.