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The Australian Securities and Investments Commission (ASIC) has announced that AMP Ltd subsidiary Australian Financial Planning Solutions Pty Ltd has been fined (12 January 2015) A$10,200 for making false or misleading representations in an article that appeared on its website in 2014.

According to ASIC, the article, which was titled "Benefits of a self-managed super fund":

  • "contained misleading and unsubstantiated claims that major retail and industry superannuation funds will experience payout difficulties"; and
  • "misrepresented the taxation implications of self-managed superannuation funds (SMSF), by giving the impression that certain tax benefits only apply to SMSFs, when they actually apply to most superannuation funds".

ASIC's media release (12 March 2015)
(Source: ASIC)

Published in Consumer Protection

Banks Fined for Potentially Misleading Advertising

18 Sep 2014
Written by World Watch

The Australian Securities and Investments Commission (ASIC) has announced that it has fined the following financial services providers for making potentially misleading representations to consumers:

Published in Consumer Protection

Financial Adviser Commences Remediation Process

21 Aug 2014
Written by World Watch

The Australian Securities and Investments Commission (ASIC) has announced that Macquarie Equities Limited (MEL) is to "begin writing to current and former clients about possible remediation for flawed financial advice" provided by MEL's financial adviser network Macquarie Private Wealth.

Published in Consumer Protection

Credit Provider Fined for Misleading Advertising

21 Aug 2014
Written by World Watch

The Australian Securities and Investments Commission (ASIC) has made available the following infringement notices (both dated 9 July 2014) issued to whitegoods and electronic devices rental business Make it Mine Finance (MIM) following ASIC's concerns regarding "misleading misrepresentations" on MIM's website:

Published in Consumer Protection

The Australian Securities and Investments Commission (ASIC) has announced that discount supermarket ALDI Australia (Aldi) has "undertaken to improve signage and other point-of-sale communication about the disclosure of credit card surcharges in its supermarkets".

Published in Consumer Protection

The Australian Securities and Investments Commission (ASIC) has made available documents setting out additional licence conditions imposed on the following Commonwealth Bank of Australia Group (CBA) entities (both undated).

Published in Financial Integrity

The Australian Securities and Investments Commission (ASIC) has announced that it concluded an "enhanced adviser monitoring program" for Australian financial services licensee Professional Investment Services Pty Ltd (PIS).

The Australian Securities and Investments Commission (ASIC) has announced that it accepted an enforceable undertaking (6 February 2013) (the EU) offered by the Royal Bank of Scotland plc and the Royal Bank of Scotland N.V. (collectively, RBS) in relation to potential misconduct involving Australian benchmark interest rate the Bank Bill Swap Rate (BBSW).

The Federal Court of Australia (FCA) has handed down its decision in Australian Securities and Investments Commission v GE Capital Finance Australia, in the matter of GE Capital Finance Australia [2014] FCA 701 (1 July 2014). According to the Australian Securities and Investments Commission (ASIC), the FCA has fined consumer credit provider GE Capital Finance Australia (GE Money) A$1.5 million for "making false or misleading representations to more than 700,000 of its credit card customers".

Published in Consumer Protection

Commonwealth Bank of Australia Group (CBA) has made available a statement (3 July 2014) by its chief executive officer Ian Narev announcing a program to provide remediation for customers who suffered financial loss as a result of "[p]oor advice provided by some of [CBA's financial advisers] between 2003 [and] 2012".

Published in Consumer Protection
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