ASA calls for Egg to alter launch work

Prudential has been ordered to alter the launch advertising for its Egg direct banking offshoot after the Advertising Standards Authority ruled that its claim to offer an instant access account should carry a caveat pointing out that access to funds is not strictly instant.

Prudential has been ordered to alter the launch advertising for its

Egg direct banking offshoot after the Advertising Standards Authority

ruled that its claim to offer an instant access account should carry a

caveat pointing out that access to funds is not strictly instant.



The ruling followed a complaint from one of Egg’s competitors, Standard

Life, which pointed out that small print in Egg’s work said it reserved

the right not to allow withdrawals for 60 days in some

circumstances.



Standard Life also complained that at least three days’ notice was

required for withdrawals, which it claimed did not count as instant

access.



Caroline Crawford, director of communications at the ASA, said the

Association had not conducted a formal investigation into the case but

had based its decision on a past precedent. In an earlier case involving

Direct Line, the ASA ruled that the term ’instant access’ should not be

used when it takes three days to transfer funds.



The ASA is now waiting for a response from Egg and says it will change

its ruling if the bank can demonstrate that the regulator has

misinterpreted the Egg literature.



Egg launched last month with an pounds 8 million campaign through HHCL &

Partners.



As well as press and TV ads, the campaign includes sponsorship of

several Channel 4 programmes and a website.



The ASA’s ruling against Direct Line in February this year followed

complaints that its Instant Access account required account holders to

have money transferred to another account before they could withdraw it.



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