General Requirements 

CLARIFICATION OF SCOPE

Consumer Credit, Payment Services and Electronic Money

  1. Where regulated entities are providing credit under credit agreements which fall within the scope of the European Communities (Consumer Credit Agreements) Regulations 2010 (S.I. No. 281 of 2010), the Provisions in this Chapter do not apply.
  2. Where regulated entities are providing payment services and/or issuing electronic money, only Provisions 9.1 to 9.18, 9.30 and 9.31 apply.  

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GENERAL REQUIREMENTS (9.1 - 9.18)

9.1
A regulated entity must include a regulatory disclosure statement, which meets the requirements set out in Provision 4.10, in all advertisements.

9.2             
A regulated entity must ensure that: 

  1. the design, presentation and content of an advertisement is clear, fair, accurate and not misleading;
  2. an advertisement does not seek to influence a consumer’s attitude to the advertised product or service or the regulated entity either by ambiguity, exaggeration or omission; and 
  3. the nature and type of the advertised product or service is clear and not disguised in any way.

  

9.3             
Without limiting the generality of Provision 9.2, a regulated entity must ensure that an advertisement is not misleading in particular in relation to:

  1. the regulated entity’s independence or the independence of the information it provides;
  2. the regulated entity’s ability to provide the advertised product or service;
  3. the scale of the regulated entity’s activities;
  4. the extent of the resources of the regulated entity;
  5. the nature of the regulated entity’s or any other person’s involvement in the advertised product or service;
  6. the scarcity of the advertised product or service;
  7. past performance or possible future performance of the advertised product or service.


9.4
             

A regulated entity must ensure when publishing an advertisement that its name is clearly shown in all advertisements.
 

9.5             
A regulated entity must ensure that an advertisement is designed and presented so that any consumer can reasonably be expected to know immediately that it is an advertisement.
 

9.6             
A regulated entity must ensure that:

  1. key information, in relation to the advertised product or service, is prominent and is not obscured or disguised in any way by the content, design or format of the advertisement; and
  2. small print or footnotes are only used to supplement or elaborate on the key information in the main body of the advertisement and must be of sufficient size and prominence to be clearly legible.

 

9.7             
A regulated entity must ensure that any qualifying criteria in relation to:

  1. obtaining a minimum price for the advertised product or service; or
  2. benefiting from potential maximum savings relating to the advertised product or service

is included in the main body of the advertisement.   


9.8
             

A regulated entity must ensure that warning statements required by this Chapter:

  1. meet the criteria specified in Provision 3.9; and
  2. appear simultaneously with the benefits of the advertised product or service

 

In the case of non-print media, it is sufficient that the warning statements are outlined at the end of the advertisement.   

9.9             
It is not necessary for a regulated entity to display the warning statements required by this Chapter if the advertisement does not refer to the benefits of a product or service but only names the product or service and/or invites a consumer to discuss the product or service in more detail with the regulated entity. 

9.10         
A regulated entity must ensure that an advertisement that uses promotional or introductory interest rates clearly states the expiry date of that interest rate and provides an indication of the rate that will apply thereafter.  
 

9.11         
A regulated entity must ensure that any assumptions, on which a statement, promise or forecast contained in an advertisement is based, are clearly stated, reasonable and up to date. 

9.12         
A regulated entity must ensure that an advertisement that promotes more than one product sets out clearly the key information relating to each product in such a way that a consumer can distinguish between the products.
 

9.13         
A regulated entity must ensure that any recommendations or commendations quoted are complete, fair, accurate and not misleading at the time of issue, and relevant to the advertised product or service. 

9.14         
A regulated entity must ensure that a recommendation or commendation may not be used in an advertisement without the consent of the author. If the author is an employee of the regulated entity or a connected party of the regulated entity, or has received any payment from the regulated entity or a connected party of the regulated entity for the recommendation or commendation, the advertisement must state that fact. 

9.15         
Where an intermediary is tied to a single provider for a particular product or service, the intermediary must disclose this fact in all advertisements for the advertised product or service 

9.16         
A regulated entity must ensure that comparisons or contrasts are based either on facts verified by the regulated entity, or on reasonable assumptions stated within the advertisement. They should be presented in a clear, fair and balanced way and not omit anything material to the comparison or contrast.  Material differences between the products must be set out clearly.

9.17         
A regulated entity must ensure that an advertisement which contains any initialisms or acronyms (for example AER, EAR, CAR, APR etc.) also states what the letters stand for. 

9.18         
A regulated entity must ensure that an advertisement only describes a product or service as free where the product or service in its entirety is available free of charge to the consumer.