The promoting watchdog has dominated {that a} nationwide newspaper advert by Lloyds Bank which acknowledged “£19.5bn for social housing… And that’s simply the beginning” was deceptive.
The advert, printed in The Times on 25 March, featured a black horse galloping previous new houses beneath development.
Prominent textual content within the advert claimed: “£19.5bn for social housing. And that’s simply the beginning,” whereas a subheading learn: “Everyone deserves a secure place to name residence. That’s why we’ve supplied £19.5bn to the social housing sector since 2018”, accompanied by the slogan “Helping Britain Prosper.”
The Advertising Standards Authority (ASA) obtained a grievance that the advert implied Lloyds had donated £19.5bn in money, whereas the funds have been really equipped by way of funding and industrial lending.
The ASA agreed, saying that the advert didn’t make clear the place the cash got here from, and so a reader was prone to assume charitable giving moderately than a monetary association.
Lloyds’ defence stated its 2024 annual report confirmed it gave round £20bn to social housing since 2018, together with by way of loans and capital markets.
The financial institution stated The Times’ educated, higher-income readership would perceive the context of the advert and infer that the £19.5bn was given commercially.
But the ASA concluded that the presentation of the advert was ambiguous and deceptive.
As a outcome, the ASA has banned the advert in its present type. The watchdog stated: “We instructed Lloyds Bank plc t/a Lloyds Banking Group to not misleadingly suggest that that they had donated cash to social housing tasks when that was not the case, and to make sure future adverts didn’t mislead by omitting vital info that put claims into context.”
A Lloyds Banking Group spokesperson responded: “We acknowledge the ruling however respectfully disagree with this particular choice. We imagine the advert was clear, aligned with the ASA’s requirements of accountable promoting and can have been understood by any cheap reader. It precisely mirrored our industrial help for the social housing sector, and we stay dedicated to speaking this influence in a method that’s clear and simply understood by all audiences.”
