Summary of ASA ruling

Misleading Advertising: ADVFN plc breaks the UK Ad Rules by failing to include appropriate information on VAT in prices for investment subscriptions on the website

The website currently lists pricing information for private investment subscriptions which does not provide sufficient information of the total price inclusive of VAT.

Section 3.18 of the CAP Code requires that quoted prices include all non-optional taxes, duties, fees and charges. This includes VAT. Although advertisers are able to quote prices exclusive of VAT under limited circumstances – for example when the ad is intended for business users who are likely able to recover VAT – ADVFN plc’s website, which is styled as “Home of the Private Investor”, is not eligible for this exemption as it is clearly aimed at a broader consumer base.

The CAP Compliance team instructed ADVFN plc to amend their website to remove the problem pricing information and clarify the full costs paid by consumers for the stock market and share tracking subscriptions. ADVFN plc failed to respond to the Compliance team’s enquiries, so the decision was taken on 24 March 2020 to place their company details on this section of the ASA website.

These details will remain in place until such a time as ADVFN plc has amended the claims on to comply with the CAP Code.

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