ASIC 'operational' on 'compare the pair' ads
The Australian Securities and Investments Commission (ASIC) has signalled it may be actively examining the Industry Super Network's (ISN's) "compare the pair" advertising campaign.
The regulator's approach was indicated when an ISN "compare the pair" advertisement at Canberra Airport became the focal point of questioning around whether some of the underlying calculations behind the advertising campaign should be dealt with by ASIC.
The issue was raised by Tasmanian Liberal Senator David Bushby when ASIC representatives were appearing before a Senate Estimates Committee last night and the Senator queried whether the advertising and the underlying assumptions were appropriate.
ASIC Commissioner Peter Kell acknowledged the issue, but said the regulator did not comment on operational matters.
Kell pointed out that ASIC had this week released its new guidelines around the advertising of financial products, and said the use of appropriate comparison was "front and centre".
"We are monitoring the market, and if we see advertisements that need attention we are engaging with the organisations behind them," he said. "But we don't comment on operational issues."
Recommended for you
Net cash flow on AMP’s platforms saw a substantial jump in the last quarter to $740 million, while its new digital advice offering boosted flows to superannuation and investment.
Insignia Financial has provided an update on the status of its private equity bidders as an initial six-week due diligence period comes to an end.
A judge has detailed how individuals lent as much as $1.1 million each to former financial adviser Anthony Del Vecchio, only learning when they contacted his employer that nothing had ever been invested.
Having rejected the possibility of an IPO, Mason Stevens’ CEO details why the wealth platform went down the PE route and how it intends to accelerate its growth ambitions in financial advice.
