Radio adverts will no longer need to provide an example of 0% interest finance offers after a move by the FCA.
Following consultation earlier this year, the Financial Conduct Authority has announced that where a financial offer includes an interest rate or reference to cost for a genuine 0% interest offer (where there are no credit charges and the APR is 0%), then the full representative example is no longer needed.
This new rule applies to all 0% finance offers in any medium but, as Ts&Cs have to be read out in real-time in ads on the medium, radio stands to benefit the most from this change.
Siobhan Kenny, CEO of Radiocentre says: “Radiocentre welcomes this change wholeheartedly. We agree fully with the FCA’s view that removing these details makes it easier for consumers to focus on key facts, particularly as radio ads are delivered in such short time frames.
“Radiocentre has been lobbying key decision makers in the UK, Strasbourg and Brussels, with a view to simplifying the lengthy, confusing terms and conditions that dog radio ads. We are delighted that the FCA have seen the value of ditching unnecessary representative examples in this instance, and updated their handbook accordingly.”