Advisers take Massow ad gripes to FSA

Advisers have reported newspaper adverts for Ivan Massow’s commission rebate business as misleading to the Financial Services Authority (FSA).

Massow launched PayMeMy.com in September. Clients transfer the trail commission from their pensions to the firm which rebates it minus a 20% cut.

This week, PayMeMy.com featured in full-page ads in the Metro, the Evening Standard and CityAM.

The ads quote Massow, pictured, as saying: "My mission is to get you back thousands in pension and investment commission," and continues to say "It is free money because it is your money!"

Daniel Cawley, IFA at 121 Financial Services, said he has reported the ad to the FSA's financial promotions hotline.

"I think the ad is misleading because it bases its example on a 35-year-old with a £100,000 pension pot that is growing by 6% per year.

"I do not think many 35 year olds have £100,000, and I think 6% growth is possible but unlikely."

Philip Wise, director of Spofforths Financial Planning, said he has also reported the ads and urges others to do likewise to provoke an FSA investigation.

An FSA spokesperson said it could not comment on individual cases.

In its January guidance on financial promotions, the FSA but warned against generally unclear or misleading ads.

In particular, it said: "Attractive headline rates of return that only a small minority of customers can obtain are not usually consistent with a culture of treating customers fairly, as well as failing to be fair, clear and not misleading."