Hubb Organisation prevented from making misleading claims
Permanent injunctions have been secured against The Hubb Organisation’s Safety in the Market training courses and trading software, preventing it from making misleading or deceptive representations about its trading methodology.
Investigations by the Australian Securities and Investments Commission (ASIC) have revealed that despite Safety in the Market’s claims, there was no evidence that its Smarter Starter Pack, which is sold within its Active Trader Program, taught or otherwise provided a proven methodology for profitable trading in financial products.
“Licensees who offer financial products need to ensure that in making statements about performance or returns they do not mislead or deceive financial consumers,” said ASIC commissioner Peter Boxall (pictured). “ASIC will continue to actively monitor the marketing material for these products and will take action where it believes the law has been breached.”
ASIC obtained orders in the Federal Court of Australia in Sydney preventing The Hubb Organisation from making or publishing misleading or deceptive representations about its Safety in the Market trading methodology. The Court order required that Safety in the Market send notices to all those who purchased the Active Trader Program, informing them of the basis of the court orders and the option available to them should they believe that they have suffered a financial loss as a result of the company’s representations. It has also been required to include disclaimers on its website and all future advertising and promotional material, to the effect that it does not have a proven methodology for profitable trading in financial products. Safety in the Market is also required to publish corrective advertisements.
AUTHOR
Caroline Munro
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