Background
This Ruling forms part of a wider piece of work on unregulated investments. The ad was identified for investigation following intelligence gathered by our Active Ad Monitoring system, which uses AI to proactively search for online ads that might break the rules. See also related rulings published on 10 June 2026.
Summary of Council decision:
Two issues were investigated, both of which were Upheld.
Ad description
A paid-for Facebook ad for Rosland Gold, a gold and precious metal specialist, seen in March 2026, included text that stated, “Gold prices have soared over the past 30 years – and they’re still climbing”. The ad then listed ticked bullet points, which included: “Proven Long-Term Growth” and “Expert Advice from UK Gold Specialists”. Further text stated, “At Rosland, we help you take advantage of gold’s steady rise with personalised, tax-efficient portfolios. This isn’t about hype – it’s about history”. Below the text, it featured a chart titled “The value of Gold” with the subheading “Annual Gold price 1995 to present”, and a line graph trending upwards.Issue
The ASA challenged whether the ad:- was misleading because it did not make clear material information about the risks of the investments; and
- breached the Code because it did not make clear the value of investments was variable or that past performance did not necessarily give a guide for the future.
Response
1. & 2. Rosland Capital t/a Rosland Gold (Rosland) said that the word “investment” was not used in the ad. They said further that none of their materials, including their invoices and customer agreements, used that language or provided advice on investments. They confirmed that they had clear disclaimers, risk-warnings, and information regarding the sector in multiple areas of their sales processes, and colleagues were not permitted to suggest that buying gold was an investment or to offer advice on it.They said the landing page the ad linked to was a book download. The book itself had wording that stated, “Please be aware that precious metals and coins may appreciate, depreciate, or stay the same depending on a variety of factors – past changes in value are no indication of future changes in value” and “Rosland does not provide tax, investment, or legal advice or advisory services, and no one associated with Rosland is authorised to provide any such advice or services. Precious metals and coins are not specified investments under the Financial Services and Markets Act 2000 (FSMA) and Rosland is not authorised under the FSMA by the Financial Conduct Authority. Consequently, customers will have no access to the Financial Ombudsman Service in the event of any dispute with Rosland and will not be able to bring a claim to the Financial Services Compensation Scheme should they suffer loss.” That text also featured in a quarterly gold market update, the latest one of which was sent to new customers.
The invoice sent to all customers, that was required to be read and returned, further stated, “Precious metals and coins should not generally be considered as an investment” and “You will normally be subject to a capital loss after selling after a short time”. It also said “Any purchases should be held for a minimum of 5 to 10 years before considering selling and are subject to capital risk” and “Should you be unsure whether to go ahead with your purchase then either choose not to or seek financial advice”.
They confirmed they had produced new wording for all future ads stating that the price of gold can fluctuate and that past performance was not a measure of future performance. They said the ad in question would not be used again.
Assessment
1. UpheldThe CAP Code required that material information should not be omitted and should be presented clearly.
The ASA understood that the physical gold and precious metals investment market was not regulated within the UK, nor was it subject to the protections afforded by the Financial Services Compensation Scheme or the Financial Ombudsman Service. We considered that was material information that consumers required in order to make informed decisions about Rosland Capital’s services.
The ad stated, “Gold prices have soared over the past 30 years – and they’re still climbing”, “Proven Long-Term Growth” and “At Rosland, we help you take advantage of gold’s steady rise…This isn’t about hype – it’s about history.” The ad further featured a chart titled “The value of Gold” with the subheading “Annual Gold price 1995 to present”, and a line graph trending upwards. While the ad did not use the word “investment”, we considered that by making multiple references to the historical appreciation of physical gold and stating that increase was continuing in the present day, it implied that the purchase of gold had historically provided returns and would continue to provide financial gains in the future. It therefore was an ad for an investment product.
However, the ad, which was limited by space, contained no information stating that gold and precious metal investment was unregulated. The ad linked through to a page on the Rosland website, which prominently featured a form inviting consumers to request a ‘guide to gold’, and did contain information stating that precious metals and coins were not regulated by the FCA and customers therefore had no recourse to the Financial Ombudsman Service. However, that text was in small print at the bottom of the linked page and therefore was not sufficiently prominent.
Because the ad did not make clear that gold and precious metal investment was unregulated and the linked landing page did not include that information prominently, we concluded that it was misleading.
On that point, the ad breached CAP Code (Edition 12) rules 3.1 and 3.3 (Misleading advertising).
2. Upheld
Section 14 of the CAP Code, which reflected rules prescribed by the Financial Conduct Authority (FCA) on promotional material for regulated investments, required that financial marketing communications not regulated by the FCA should make clear that the value of investments was variable and, unless guaranteed, could go down as well as up.
Given the greater potential for significant financial harm resulting from financial marketing communications, those rules were additional to and more prescriptive than the rules on misleading advertising. That meant that relevant risk warnings prescribed by section 14 of the CAP Code needed to be in the initial ad and not later in the consumer journey, for instance on a landing page, or in the terms and conditions.
We also noted that FCA guidance for regulated investments in social media stated that firms should ensure that where possible, information that was required to be prominent be displayed without needing to click through, or any other optional action, to view it.
The ad included no risk warning to make clear that the value of investments could go down as well as up.
In addition, the ad made multiple references to the historic rise of gold prices, including a chart titled “The value of Gold” with the subheading “Annual Gold price 1995 to present”, and a line graph trending upwards. Therefore, the ad referred to the previous performance of gold, and we considered the implication from the ad was that it was likely to perform in the same way in the future. We noted, however, that the ad contained no information to explain that past performance was not a guide for the future.
The ad did not include any risk warning to make clear that the value of investments could go down as well as up and that past performance did not necessarily give a guide for the future. We therefore concluded that it breached the Code.
On that point, the ad breached CAP Code (Edition 12) rules 14.4 and 14.5 (Financial products).
Action
The ad must not appear again in the form complained about. We told Rosland Capital t/a Rosland Gold to ensure that future marketing made clear that gold and precious metal investment was unregulated. We told them to make clear that the value of investments was variable and could go down as well as up and that examples of past performance or experience were not necessarily a guide to the future.
