ASIC cracks down on education and trading software provider
Financial Education company The Hubb Organisation, which trades as Safety in the Market, has allegedly breached the law for making promotional representations about certain services and products.
The Australian Securities and Investments Commission (ASIC) has commenced proceedings in the Federal Court of Australia, alleging that Safety in the Market engaged in misleading or deceptive conduct in the promotion and sale of its financial education courses and trading software. ASIC asserted that the education company breached the ASIC Act and the Corporations Act by representing that users of its Smarter Starter Pack would be able to trade profitably in financial products based on a proven system.
ASIC sought an order to restrain the company from continuing to sell the courses and trading software or make the alleged representations. Alternatively it sought an order to require that Safety in the Market include a disclaimer on all future advertising and promotional material.
Recommended for you
Sequoia Financial Group has announced it is selling off its Informed Investor subsidiary which it acquired in April 2022.
Wealth Data has examined which advice business model has seen the most growth since the start of the year including those that offer holistic advice.
Research conducted by Elixir Consulting and Lonsec has quantified the efficiency gains of using managed accounts in financial advice practices in hours per week saved.
With only one-quarter of advice practices actively seeking feedback from clients, the Financial Advice Association Australia has emphasised why this is a critical tool for client retention.