ASIC fines Equanimity for misleading advertising
Misleading or false advertising has landed Gold Coast-based financial planning and property management company, Equanimity Concepts $30,600 in penalties by the Australian Securities and Investments Commission (ASIC).
Announcing the imposistion of the fine, ASIC said the advertising could have misled consumers into thinking that borrowing with Equanimity would help them repay their home loan in a very short time frame without incurring further debt.
For more than two years during 2012 to 2014 the Gold Coast based company placed home loan financing options advertisements on its website, YouTube, Qantas, Jetstar and Virgin in-flight magazines, and in police journals.
In November 2014 Equanimity entered an enforceable undertaking (EU) with ASIC following the investigation. ASIC then imposed three infringement notices with penalties of $10,200 each.
Recommended for you
The FAAA has secured CSLR-related documents under the FOI process, after an extended four-month wait, which show little analysis was done on how the scheme’s cost would affect financial advisers.
Nearly seven in 10 HNW-focused advisers view alternatives as the asset class that will be fundamental to meeting client demands in the future, according to Praemium.
The Perth-based advice practice has welcomed a private wealth adviser and senior paraplanner to its ranks amid its strategic shift towards wealth transfer strategies.
The number of members expelled from the Australian Financial Complaints Authority almost doubled between 2023 and 2024, according to internal data.
