One of the most important aspects will be a veto power in financial advertising, including all savings and insurance products. At present, the CBFA only has prior approval rights on investment product advertising, but under the new rules, all financial advertising would have to receive the commission’s green light before going before the public.

Supporters of the change point out that although the CBFA could already take action to withdraw misleading advertisements, by the time action is taken, the damage has already been done to savers and small investors. A recent example given was a claim by ING to offer 5% interest on its “ING Performance Account” when the small print explained that the 5% was spread over two years.