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Refund admits to misleading conduct

by Staff Reporter7 minute read
The Adviser

Refund Home Loans (Refund) will have to clarify its relationship with the ACCC to its franchisees after a government inquiry found it engaged in false and misleading conduct.

In October last year, the ACCC commenced proceedings against Refund and its managing director Wayne Ormond over accusations it breached the Trade Practices Act.

The inquiry found that Refund and Mr Ormond made misleading statements to franchisees that they had been given approval by the ACCC in relation to Refund's treatment of franchisees.

Mr Ormond has been ordered to refrain from making such statements in the future and to make “corrective statements to all current and some former franchisees; and implement a trade practice law compliance program,” a statement from the ACCC read.

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