A ‘potentially misleading' advert for Ivan Massow's commission retrieval website, which appeared in The Times, will not be printed again after a complaint to the Advertising Standards Agency (ASA).
The print ad - which included the phrase 'it's free money because it's your money' and promised to recover £1000s in pension and investment commission - sparked a complaint to the advertising watchdog, which confirmed it will not be used again after resolving the matter informally with Massow.
A spokeswoman said the nature of the complaint was about whether or not the company's claim about returning thousands of pounds in commission was misleading.
She explained the person who complained questioned whether the business's promises on returning trail commission to clients "could be substantiated".
However, she said after working with both Massow and the complainant the matter was resolved informally - meaning no formal adjudication will be released.
"That ad will not run again," she added.
Massow launched paymemy.com, a website designed to help consumers cut on-going commission they pay for advice they no longer receive, in September 2011. Its business model aims to rebate 80% of on-going commissions to customers, while keeping 20%.
The company's website states: "On a typical pension we would send you more than £60,000 over the term of the policy."
Massow did not return calls for comment.
The advert in full:
"‘My mission is to get you back £1,000s in pension and investment commission;'"
"IT'S FREE MONEY BECAUSE IT'S YOUR MONEY!;"
"Did you know IFAs can take up to 1.5% of the value of your pension or investments each year, every year regardless of whether or not they give you advice?" and "Receive more than £60,000 on a typical pension," which was linked by an asterisk to footnote text which stated "Based on a pension fund of £100,000 with a trail commission payable to a client over 30 years (i.e. a 35-year-old retiring at 65) the total amount would be £67,041 (gross is £83,801).
This calculation assumes a fund of £100,000 at outset (age 35) which grows by 6% per annum compound year on year.
The commission is calculated on this value at the end of each year and the 6% growth rate is after all policy charges and actual commission deductions."
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