In July, 77 financial services professionals, including many advisers, lodged several complaints about MAS’ ads.

By August, the ASA had dropped six of the complaints but continued investigating three claims against the free money information service.

However, the watchdog today ruled MAS was not at fault and there is no need for further investigation.

One major complaint was that the use of the word ‘advice’ in the service’s name and TV ads was misleading, because actually the service offers guidance rather than regulated advice.

The second significant complaint was MAS’ claim “our advice is independent and unbiased” could lead consumers to believe the information provided was covered by professional indemnity cover.

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Lastly, complainants said MAS’ claim it was “set up by government” was misleading as it was actually created by independent regulation the Financial Services Authority (FSA).

Today the ASA rejected all of these complaints. It said most viewers would understand the use of the word “advice” to mean guidance and information rather than regulated activity.

The watchdog said consumers were more likely to think the claim “our advice is professional and unbiased” means MAS is not affiliated to any particular provider, rather than drawing any conclusions about professional indemnity cover.

The phrase “set up by government” was also unlikely to mislead consumers, the ASA ruled.

IFA David Chubb, one of the complainants, said: “My concern is the ASA is saying there are two interpretations of the word ‘advice’, and that the public knows what they mean.

“However, the FSA says the public does not know what ‘advice’ means, which is why we need initial disclosure documents. It is a joke.”