AR responds to misleading advertising concerns
Interprac Financial Planning authorised representative, Stephen Burgin, has closed his website following concerns it may have implied endorsements and approvals which were not actually held.
Burgin close his website following concerns raised by the Australian Securities and Investments Commission (ASIC) about images and references on the website, including references to Burgin as a senior ASIC licensed adviser and an ASIC licensed fractional property consultant.
“Neither of these approvals is available or possible as ASIC does not license individual advisers,” the corporate regulator said.
ASIC said it was also concerned the statements on the website may have mislead readers about the benefits of investing in the financial products promoted by the website.
ASIC said these statements could have mislead potential investors into believing their investment would entitle them to the benefits of direct land ownership by, for example, equating investment amounts to land size.
ASIC deputy chairman, Peter Kell said: “Financial products must not be promoted in a way that could mislead consumers about the benefits of the product or the product’s endorsement”.
“We will be particularly concerned where advertisements falsely claim endorsement or approval by ASIC.”
AUTHOR
Malavika Santhebennur
Recommended for you
AZ NGA has entered into a strategic partnership with national advice firm MiQ Private Wealth, as a way to provide a succession solution, as well as career development opportunities for staff.
While the advice profession struggles under growing operating costs, Adviser Ratings has found more than half of practices – some 58 per cent – that generate less than $250,000 in revenue report no profit at all.
The Federal Court has ordered the freezing of assets and the appointment of receivers to two entities linked to Australian Fiduciaries, ASIC’s latest move in an ongoing investigation into the company’s managed investment schemes.
Off the back of the August adviser exam results, the profession has seen 17 new entrants hit the Financial Adviser Register (FAR) this week, helping numbers return to positive territory.
