FSS bans use of certain words, phrases in financial firms’ adsFinancial regulators will monitor the language used by loan companies, banks and other financial institutions to advertise their products, banning certain words and phrases.
The Financial Supervisory Service (FSS), one of the nation’s top regulatory bodies, released a detailed checklist that all financial institutions must follow.
The list included 87 directives, including refraining from exaggeration.
Authorities said they found exaggeration lured people to get a loan without fully understanding the requirements.
All financial institutions now cannot use expressions such as “best,” “the lowest” or “the highest” to promote their products, the FSS said.
Words such as “guarantee,” “immediately” or “confirmed” are also nixed.
Several detailed guidelines in wording were also presented for each organization.
Savings banks’ loan programs are not allowed to use the phrases “fast-track loan program” or “without any documents.”
Additionally, insurance companies are now not allowed to use lines similar to “even if it is your fault” or “earnings will be more than your medical expenses.”