In total 77 individuals – all from within the financial services industry – have lodged complaints against the Service.
The ASA has looked into the complaints and decided the MAS may have breached the advertising code.
It has launched a formal investigation and the Service will now have to defend itself against accusations it has acted improperly.
The ASA can ban the MAS from using the adverts if it finds the Service broke the rules.
All the ASA complaints accuse MAS of misleading the public by its use of the word ‘advice’ in television and print adviserts, including by calling itself the Money Advice Service.
They argue the Service offers general guidance, not advice tailored to an individual.
MAS’ ad campaign sparked fury among IFAs over its claim to offer “independent and unbiased advice” for “free”.
MAS is funded by the financial services industry through annual levies so consumers do not have to pay to use the Service.
But complaints lodged at the ASA said the claim was misleading as it suggested the Service was covered by professional indemnity insurance.
Other complaints said describing the Service as “set up by the government” was misleading as it suggested it was government backed.
A spokesperson for the ASA said it will put the complaints to MAS and then the advertising agency’s council will review the findings and decide if the ad should be pulled.
