News Round Up

Money Managers complained to the Advertising Standards Complaints Board that advertising done by Rodney Financial Services was "misleading and deceptive".

Rodney Financial Services had advertised a seminar saying its offered people "independent" investment advice.

"Our advice is independent, we are not aligned to any product or supplier," it said.

Rulings made in 1997 against Money Managers set a precedent that advisers could not call themselves independent if they receive commission or brokerage from a third party.

In its response to the complaint Rodney Financial Services said it was aware of this ruling and the use of the term independent was "not detected prior to printing and distribution of the advertisement."

"For which sincere regret is expressed."

The firm said it was willing to comply with the complaint, and the board's chairman determined the compliant was settled and didn't need to go before the board.

H Kingston had complained that "a personally addressed brochure" from the company about its product was "intimidating advertising".

The board disagreed saying the brochure was tempered and balanced.

"Accordingly, it did not reach the threshold to effect a breach of the Advertising Codes."