Powered by MOMENTUM MEDIA
Powered by MOMENTUM MEDIA
SUBSCRIBE TO OUR NEWSLETTER SIGN UP
Powered by MOMENTUM MEDIA

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

Finance broker fined by ASIC

car finance

car finance
Staff Reporter 1 minute read

ASIC has issued a warning about misleading advertising after fining a Western Australian finance broker more than $20,000.

Jeremy Pty Ltd has paid $20,400 in penalties for marketing representations that offered "guaranteed car finance" to consumers.

The representations were published on websites operated by the company at guaranteedcarfinance.com.au and yes-loans.com.au and using the Google Adwords service which linked to the company's website at getapproved.com.au.

In a statement released yesterday, ASIC said it was concerned the representations were false or misleading under national consumer law because an unconditional guarantee that finance can be provided is inconsistent with responsible lending laws.

ASIC said responsible lending prohibits lenders from entering into unsuitable credit contracts with consumers. This means that loans cannot be 'guaranteed' in all circumstances as not all consumers would have reasonable means to meet loan repayments.

ASIC deputy chairman Peter Kell yesterday warned, "ASIC will continue to monitor both traditional and non-traditional media to ensure lenders and finance brokers are complying with the law in their marketing to consumers. We will take action where we identify ads that may mislead consumers."

 

 

Advertisement
Advertisement

PROMOTED FEATURES


Finance broker fined by ASIC
car finance
TheAdviser logo
car finance

 

more from the adviser
KAte Carnell ASBFEO ASBFEO reiterates call for more SME support

SME advisers – including brokers, accountants and financial pla...

loan application AMP lowers floor rate, updates HEM benchmark

The non-major has announced a number of changes to its credit pol...

scammer hacker ta ACCC issues warning over rental scammers

The competition watchdog has called for increased consumer vigila...

FROM THE WEB