The UK Advertising Standards Authority (ASA) today issued a ruling against Montford Group Ltd trading as Brittania Bullion.

The problematic ad was a paid-for LinkedIn ad for Britannia Bullion, seen on 13 March 2026, featured text stating “Stocks can crash. Banks can fail. But physical gold remains. Discover why many investors are turning to gold to protect their wealth against inflation, political risk, and currency instability. Download the Free Gold Investor Guide to learn: Why physical gold is a time-tested store of value […] Whether you’re just starting or diversifying a portfolio, gold gives you control in uncertain times. Download Now and Take Ownership of Your Wealth.” The ad featured an image of a book which had the title “YOUR GUIDE TO INVESTING IN PHYSICAL GOLD”.

The ASA challenged whether the ad:

• was misleading because it did not make clear material information about the risks of the investments; and
• breached the Code because it did not make clear that the value of investments was variable.

Montford Group Ltd t/a Britannia Bullion said the ad promoted a free educational guide titled “Your Guide to Investing in Physical Gold”. It did not directly market an investment product or transaction and did not make performance or returns guarantees. They said the intent of the ad was to provide consumers with general introductory educational material about physical gold that could lead to further engagement where more detailed information would be provided.

They acknowledged, however, that the ad did not state that physical gold investment was unregulated and depending on interpretation, that information could be seen as material. They said future ads would include the relevant information where appropriate.

Britannia Bullion said the ad did not include any claims of guaranteed returns or specific performance forecasts. However, they acknowledged that the claims “protect their wealth” and “store of value” could be understood as investment claims and that the ad did not include text that said investments could go down as well as up. They said future ads would include clear and prominent text that stated investments could go down as well as up.

The ASA understood that the physical gold investment market was not regulated within the UK, nor was it subject to the protections afforded by the Financial Services Compensation Scheme or the Financial Ombudsman Service. The ASA considered that was material information that consumers required in order to make informed decisions about Britannia Bullion’s services.

The Authority noted that the ad referenced their “Free Gold Investor Guide” entitled “YOUR GUIDE TO INVESTING IN PHYSICAL GOLD”. The ad also stated, “Discover why more investors are turning to gold…” and “Whether you’re just starting or diversifying a portfolio, gold gives you control in uncertain times”. It was therefore an ad for an investment product. However, the LinkedIn ad, which was limited by space, contained no information stating that physical gold investment was unregulated. The ad linked through to the Britannia Bullion website, which also did not contain that information.

Because the ad did not make clear that physical gold investment was unregulated, ASA concluded it was misleading. The Authority noted also that the information did not appear at all, on the linked landing page.

On that point, the ad breached CAP Code (Edition 12) rules 3.1 and 3.3 (Misleading advertising).

Section 14 of the CAP Code, which reflected rules prescribed by the Financial Conduct Authority (FCA) on promotional material for regulated investments, required that financial marketing communications not regulated by the FCA should make clear that the value of investments was variable and, unless guaranteed, could go down as well as up.

Given the greater potential for significant financial harm resulting from financial marketing communications, those rules were additional to and more prescriptive than the rules on misleading advertising. That meant that relevant risk warnings prescribed by section 14 of the CAP Code needed to be in the initial ad and not later in the consumer journey, for instance on a landing page, or in the terms and conditions.

ASA also noted that FCA guidance for regulated investments in social media stated that firms should ensure that where possible, information that was required to be prominent be displayed without needing to click through, or any other optional action, to view it.

The ad included no risk warning to make clear that investments could go down as well as up. ASA therefore concluded that it breached the Code.

On that point, the ad breached CAP Code (Edition 12) rule 14.4 (Financial products).

ASA ruled that the ad must not appear again in the form complained about. The Authority told Montford Group Ltd t/a Britannia Bullion to ensure that future marketing made clear that physical gold investment was unregulated. It further told them to make clear that the value of investments was variable and could go down as well as up.