ASIC warns on advertising
Amid expressions of concern by some planners about the industry super funds latest "compare the pair" advertising campaign, the Australian Securities and Investments Commission (ASIC) has sent a clear message to advertisers that they need to prominently display any statements "qualifying" their claims.
ASIC deputy chairman Peter Kell has used an address to an Insurance Council of Australia forum to suggest that any statements qualifying an advertising headline need to be obvious to those viewing or reading an advertisement.
"It is our view that the more qualifications that are required to balance the information contained in the headline claim, the clearer and more prominently placed the qualification should be," he said.
Kell said that, in some cases, "it may be that certain forms of advertising are simply not appropriate if qualifications cannot properly be explained".
The ASIC deputy chairman focused his speech on advertising in the insurance industry and said the regulator had taken a more proactive approach to the regulation of advertising across the financial services sector in recent years.
"We are actively reviewing insurance advertising and contacting individual insurers where we consider that the advertising is potentially misleading," he said.
AUTHOR
Mike Taylor
Recommended for you
AZ NGA has partnered with an Adelaide-based accounting and financial planning practice as it expands its presence in South Australia.
The central bank has released its decision on the official cash rate following its November monetary policy meeting.
ASIC has cancelled the AFSL of a Melbourne-based managed investment scheme operator over a failure to pay industry levies and meet its statutory audit and financial reporting lodgement obligations.
Melbourne advice firm Hewison Private Wealth has marked four decades of service after making its start in 1985 as a “truly independent advice business” in a largely product-led market.
