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Standard to complain against FNB ad

Feb 23 2012 18:13 I-Net Bridge

Company Data

STANDARD BANK GROUP LIMITED [JSE:SBK]

Last traded 137.69
Change -0.31
% Change 0.00
Cumulative volume 1144691
Market cap 222.82bn

Last Updated: 01/09/2014 at 04:28. Prices are delayed by 15 minutes. Source: McGregor BFA

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Johannesburg - Standard Bank Group [JSE:SBK] said it is to lodge a complaint with the Advertising Standards Authority (ASA) against First National Bank for misleading advertising.

This followed advertisements by FNB in which it claims to be the only bank to offer free online, cellphone and telephone banking.

Standard Bank said it also offers free cellphone, online and telephone banking and had lodged a similar complaint against FNB with the ASA in March 2003.

"At the time FNB acknowledged that it was not the first bank to offer free internet and telephone banking and undertook to retract the claim 'from all FNB's current and future advertising'.

"The ASA directorate accepted FNB's undertaking."

Standard Bank added that in its latest advertising, FNB also claims it was the first bank to offer an account with no monthly management fee.

"Standard Bank's Mzansi account, which was launched on October 25 2004, has never had a monthly management fee."

Peter Schlebusch, chief executive personal and business banking at Standard Bank SA, said customers have the right to know the true facts.

"FNB's advertising is clearly misleading and factually inaccurate and should be withdrawn," he said.

fnb  |  standard bank  |  online banking
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