ASIC continues to come down hard on individuals who flout the law with false or misleading representations as it slapped broker Jeremy (WA) Pty Ltd with a $20,400 fine for misleading marketing.
The regulator confirmed that the company Jeremy (WA) Pty Ltd is to pay $20,400 in penalties in compliance with two infringement notices issued by ASIC for making false or misleading representations.
The Jeremy (WA) Pty Ltd advertisement offered ‘guaranteed car finance’ to consumers, were published on websites operated by the company at guaranteedcarfinance.com.au and yes-loans.com.au and also used the Google Adwords service which linked to the company’s website at getapproved.com.au.
ASIC stated that the company’s marketing representations were false or misleading under the national consumer law and the regulator had an issue with the company guaranteeing loans in all circumstances, as lenders cannot enter into credit contracts with consumers who are unable to make loan repayments.
ASIC said that the payment of an infringement notice was not an admission of a breach of the ASIC Act consumer protection provisions and confirmed that they can charge penalties where it has reasonable grounds to believe someone has flouted certain consumer protection laws.
Peter Kell, the ASIC deputy chairman said that, “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.”