The Advertising Standards Authority (ASA) has pulled a TV advert from Age Partnership for the reason it was likely to “mislead” people.
Age Partnership is an equity release and retirement income service provider.
Its advert suggested family solicitors were a suitable source of financial advice when considering an equity release policy.
The TV advert ran on the 5 and 9 April 2023 and showed a genuine Age Partnership customer explain her situation “in applying for an equity release policy in an unscripted manner while being filmed”.
In the TV advert the woman said she spoke to family solicitors who “actually suggested equity release” which allowed her to “stay in [her] own home and to be happier with [her] life”.
The advert started with the woman setting the scene and making the statement: “We are actually sitting in, and on, assets, but they are bricks and mortar. They don’t buy you a new kitchen. And so, at our age, what are we going to do?”
The complaints concerning the advert said that family solicitors were not typically authorised to offer financial advice and that the advert was misleading.
Age Partnership defended its case as the woman in the TV advert was actually a customer and discussed her own experiences.
The reference to the solicitor was unprompted as the woman was outlining how she first heard about equity release policies.
Age Partnership said solicitors could offer guidance on equity release policies, and that in the woman’s case a family solicitor had provided assistance.
He helped her understand the legal implications, risks and benefits associated with the product.
Clearcast, who check adverts in the UK do not breach the UK Code of Broadcast Advertising, had received a signed testimonial from the woman in question which confirmed her experience that was reflected in the advert was authentic.
It added that the advert suggested legal, rather than financial, advice was provided.
According to ASA, Clearcast understood solicitors could offer advice on equity release policies.
However, ASA upheld the complaint as solicitors involved in the equity release policy application processes were there to ensure applicants understood the legal obligations they were taking on.
The role of a solicitor does not extend to offering financial advice in relation to specific policies.
ASA did acknowledge that the advert did not state or imply solicitors were the only source of advice for taking out such policies, nor did it deter consumers from speaking to financial advisers.
The issue as the ASA saw it was that the advert implied a solicitor had recommended a financial instrument as a way to solve a specific financial problem.
“This would be understood as financial advice, which went beyond explaining the legal obligations, risks, rewards and long-term nature of equity release.”
Therefore the ASA concluded the advert breached BCAP Code Rule 3.1 (misleading advertising) for suggesting family solicitors were a suitable source of financial advice when considering an equity release policy.
ASA has ruled the advert cannot appear again in the form complained of.
It also told Age Partnership to ensure its adverts do not suggest financial advice about equity release can be sought from non-authorised sources.
Age Partnership told Money Marketing: “Age Partnership is committed to promoting the equity release market in a manner that is clear, fair and not misleading.
“We acknowledge the ruling by the Advertising Standards Authority (ASA) regarding our TV advert that aired on 5th and 9th April 2023. We take compliance with ASA regulations very seriously, and we have since made the necessary amendments to ensure that our advertising is in line with their guidelines.”
