Here is what you need to know about financial services advertising as a marketer followed by some links for consumers.
Are Dianomi experts in financial services advertising?
Dianomi are experts in financial services advertising – since 2003 we have run thousands of campaigns for well known banks and financial services clients. Our clients include Goldman Sachs, J.P. Morgan, DBS, Citibank, PIMCO, ASX, Nomura, BlackRock, Charles Schwab, HSBC and abrdn.
Our finance ads are only seen by users already reading about business and money on 350 premium finance sites including WSJ, Reuters, CNN Business, MarketWatch, The Times and Sydney Morning Herald.
Financial services advertising for marketers
How important is context for financial services advertising?
The context in which an advertisement for financial services advertisement is viewed is very important. Trust is an absolute necessity for users when dealing with financial services companies and, therefore, it is essential to appear on high quality websites whilst avoiding low quality websites (especially MFAs) or environments where an advertisement for a trustworthy client may be viewed alongside fraud or low quality content.
The “tsunami” of fraud is to be avoided
In recent years there has been a tsunami of digital fraud on social media and on poor quality sites. This has been widely documented but shows no sign of slowing down.
Victims speak out over ‘tsunami’ of fraud on Instagram, Facebook and WhatsApp (The Guardian)
Martin Lewis (Money Saving Expert) gives evidence to the UK parliament about “ “I am very disappointed at how many scam ads still happen on Facebook … the torrent of scams”
Compliance
Compliance with applicable law is essential for financial services advertising.
Guaranteed returns, over-optimistic advertising or incorrectly targeted advertising can attract substantial fines or prison terms.
Understanding local markets is also essential – what is perfectly legal in Singapore may be illegal in Australia or vice versa and what is legal in Australia may not be legal in the UK or vice versa.
Regulation
Regulators will require advertisers offering most financial services to be licensed if operating from their jurisdiction or offering services to potential clients in their jurisdiction.
For example: Any financial services advertiser targeting Australia will generally need an Australian Financial Services Licence (AFSL).
Any financial services advertiser targeting Singapore will generally need to be licensed by the Monetary Authority of Singapore (MAS).
Penalties for unlicensed provision of financial services or breaching the terms of a licence can be very severe.
More
Made For Advertising websites (MFAs) – what are they?
What does a fraud investment advertisement look like?