A Lloyds Banking Group (LBG) advert stating that the lender had provided £19.5bn to social housing projects has been banned by the advertising standards watchdog.
The Advertising Standards Authority (ASA) said the ad implied LBG had donated £19.5bn when the funding was actually the result of commercial activity, such as loans and investments.
A spokesperson for the Lloyds Banking Group said they ‘respectfully disagree’ with the decision.
‘We believe the advert was clear, aligned with the ASA’s standards of responsible advertising and will have been understood by any reasonable reader,’ they said.
'It accurately reflected our commercial support for the social housing sector, and we remain committed to communicating this impact in a way that is transparent and easily understood by all audiences.’
