The Advertising Standards Authority (ASA) launched an investigation after two complaints were received about The Claims Guys.
The firm had targeted Facebook users with adverts stating Lloyds TSB customers could have been mis-sold products under the heading ‘Bank Refund Applications’.
Both issues were investigated and the pair of adverts have now been banned by the advertising watchdog.
The ASA said the advertiser’s identity was not made clear and had ‘misleadingly implied’ that the advertiser was Lloyds or was affiliated with Lloyds.
It told The Claims Guys the advertising must not appear again in its current form.