The TV advert, which ran between 5 and 9 April, started with a woman introducing herself and her home.
She then went on to say that whilst her house was an asset, it was “bricks and mortar” and couldn’t “buy you a new kitchen”.
The woman continued that she had spoken to family solicitors who had suggested equity release, which she said allowed her to stay in her own home and “be happier.”
She added that a friend recommended Age Partnership and the process was easy and seamless, and equity release had “made a difference to my life”.
The complainants said that family solicitors are not typically authorised to offer financial advice and challenged whether the advert was misleading.
ASA upheld the advert noting that “while solicitors were involved in the equity release policy application process, their role was to ensure applicants understood the legal obligations they were taking on, and the risk, rewards and long-term nature of the policy”.
It added: “This did not necessarily extend to offering financial advice in relation to a specific policy.”
The body continued that the advert “did not state or imply solicitors were the only source of advice for taking out such policies, or discourage consumers from speaking to a financial adviser, and the ad was a reflection of a customer’s own experience”.
However, the advert implied that the solicitors had “recommended a financial instrument as a way to solve a specific financial problem”.
“This would be understood as financial advice, which went beyond explaining the legal obligations, risks, rewards and long-term nature of equity release.
“We therefore concluded the ad was likely to mislead, because it suggested family solicitors were a suitable source of financial advice when considering an equity release policy,” it noted.
The ASA ruled that the advert must not appear again in the form complained of and Age Partnership has been told to ensure that advisers do not suggest financial advice about equity release could be sought from non-authorised sources.
Jonathan Thirkill, chief information officer, Age Partnership, said: “Age Partnership is committed to promoting the equity release market in a manner that is clear, fair and not misleading.
“We acknowledge the ruling by the ASA regarding our TV ad that aired on 5 and 9 April 2023. We take compliance with ASA regulations very seriously, and we have since made the necessary amendments to ensure that our advertising is in line with their guidelines.”
