Ad description
A poster for Moneycorp, a bureau de change company, at Heathrow Airport. It featured text that stated "Best rates. Best rewards. Exchange now with moneycorp for the best exchange rates in Heathrow ... I got more for my money at moneycorp". At the bottom of the poster was small print that stated "Moneycorp surveys rates across the airport three times a day to ensure its offering the best rates on all major currencies. Moneycorp offered better exchange rates than Travelex on all major currencies everyday in October 2014. This offer applies to buy and sell rates ...".
Issue
Travelex Ltd challenged whether the following claims, which they understood were based on outdated information, were misleading and could be substantiated:
1. "Best rates";
2. "Exchange now with moneycorp for the best exchange rates in Heathrow"; and
3. "I got more for my money at moneycorp".
Response
1., 2. & 3.
TTT Moneycorp Ltd t/a Moneycorp stated that bureaux de change at Heathrow Airport did not use live pricing, but they had nevertheless, implemented a rate monitoring and adjustment policy in response to the frequent daily rate changes that occurred. They stated that they actively monitored exchange rates at Heathrow Airport and ensured that for the large majority of the day, they offered consumers the best exchange rates compared to Travelex Ltd. Moneycorp stated that the claims were based on research that they had conducted during October 2014 and that the small print at the bottom of the poster had made that sufficiently clear. They believed that the claims were not based on outdated information since the small print clarified to consumers how they constantly monitored and adjusted their exchange rates so that they continuously offered the best rates at Heathrow Airport.
Moneycorp provided data, which they had collated after their monitoring exercise, showing what their exchange rates were for buying and selling foreign currency for dates that fell within the period 26 November 2014 to 17 December 2014. They stated that the data showed that they offered better rates to consumers for the large majority of each day during November and December 2014 and that only on one occasion did Travelex offer better exchange rates for the Canadian Dollar.
Assessment
1., 2. & 3. Upheld
The ASA understood that Moneycorp and Travelex were the only two foreign exchange companies that operated at Heathrow Airport.
We noted Moneycorp's monitoring and adjustment policy which they believed ensured that they continuously offered the best rates at Heathrow Airport, particularly following the information that they had obtained during October 2014, and the data they provided that showed that they offered better rates to consumers for the large majority of each day during November and December 2014.
We considered that the claims that the advertiser offered the best rates at the airport would be regarded by consumers as meaning that their rates were better than Travelex's at all times. Referring to the data Moneycorp provided, we acknowledged that there was only one occasion where Travelex had offered better exchange rates − for the Canadian Dollar. However, we noted that the data only compared exchange rates for a short period during November and December 2014. Furthermore, given that the Heathrow foreign exchange market fluctuated frequently, the data did not disclose the specific times Moneycorp had conducted their daily monitoring of Travelex's exchange rates and their turnover time for amending their exchange rates accordingly. Therefore, we concluded that, because we had not seen robust documentary evidence showing that, during the period the ad appeared, the advertiser consistently offered the best rates at Heathrow, the claims had not been adequately substantiated and were misleading.
The claims breached CAP Code (Edition 12) rules 3.1 3.1 Marketing communications must not materially mislead or be likely to do so. (Misleading Advertising), 3.7 3.7 Before distributing or submitting a marketing communication for publication, marketers must hold documentary evidence to prove claims that consumers are likely to regard as objective and that are capable of objective substantiation. The ASA may regard claims as misleading in the absence of adequate substantiation. (Substantiation) and 3.33 3.33 Marketing communications that include a comparison with an identifiable competitor must not mislead, or be likely to mislead, the consumer about either the advertised product or the competing product. and 3.35 3.35 They must objectively compare one or more material, relevant, verifiable and representative feature of those products, which may include price. (Comparisons with Identifiable Competitors) and 3.47 3.47 Claims that are likely to be interpreted as factual and appear in a testimonial must not mislead or be likely to mislead the consumer. (Endorsements and Testimonials).
Action
The ad must not appear again in its current form. We told Moneycorp that their future advertising must not state or suggest that they offered the best exchange rates in Heathrow unless they possessed robust documentary evidence to support the claim.
