We were fortunate to be asked to provide advice and guidance to various groups over the last year, and it's great to see Facebook implement many of the changes we've suggested. What they've introduced is a good start. It's not a fix, but it's another layer of protection for consumer.
After we authored our final recommendation, we asked 72 lenders to endorse our prposals, and we were thrilled to receive 72 responses. Of the 41 aggregators we asked, none chose to endorse what was essentially a manifesto for ethical advertising.
As far as Facebook is concerned, anybody running ads will have to validate themselves and their licencing. We've completed this with all our active clients, so this post is for everybody else.
From Facebook:
To help prevent fraud and impersonation in financial products or services advertising, and in some cases to comply with regulatory authorities, Meta may ask you to verify information about yourself or your organization in order to publish ads that promote financial products or services. These requirements are intended to promote consumer safety.
Before running eligible financial services ads, advertisers will need to verify information about the ad beneficiary and payer, including their Australia Financial Services License information (unless otherwise exempt). Generally, the beneficiary is the individual or organization benefiting from the ad, whereas the payer is the individual or organization paying for the ad.
Eligible financial services ads will need to contain a Paid for By disclaimer, featuring the name of the individual or organization paying for and/or benefitting from the ad. The clickable disclaimer leads to a separate info sheet.
https://en-gb.facebook.com/business/help/719892839342050
.. #beliefmedia #linkedincompany #linkedin #advertising #facebookmarketing #facebookadvertising #marketing [title: FB Verification Required For Financial Advertising]
