Money Managers advert unfair, says Board

Investment management company Money Managers has drawn the ire of the Advertising Standards Complaints Board.

A board panel dealt with a complaint by Carmel Fisher, of Fisher Funds Management. It said Money Managers vilified and berated her and was "neither helpful to the panel nor the advertiser".

Upholding her complaint, the board said the Money Managers' advertorial complained of was "not a socially responsible way for an investment manager to advertise", unfairly denigrated a competitor's product and damaged the funds management industry as a whole.

Fisher had complained about a Money Managers advertorial broadcast on Radio Pacific, in which she said several incorrect statements were made about Fisher Funds Management.

Money Managers managing director Doug Somers-Edgar wrote to the panel on September 11 saying the complainant did "not refer to the same programme I heard".

A later letter said Carmel Fisher had made no effort to verify the accuracy of her complaint and questioned her integrity.

The panel listened to the programme and said it conformed to a script supplied by Fisher. It said Money Managers' response was "totally unwarranted".

- NZPA