The chief executive of the Financial Services Authority has admitted that the regulator's hotline for consumers to report misleading financial ads has been a flop.
John Tiner told MPs that the hotline's performance had been relatively disappointing. 'We do not (get) a huge number of cases through the hotline,' he told the Treasury Committee last month in a report published in Hansard. 'Most of our work has come through our own efforts rather than people tipping us off.'
The hotline was launched on 6 July 2004. Consumers can report an ad via a phone number or the FSA's website.
The FSA refused to disclose the number of calls the hotline had received.
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