Recent announcements by ASIC relating to corrected credit advertising (eg here) highlight potential weaknesses in advertising compliance arrangements.

The Corporations Act, the ASIC Act and the National Credit Act and Code regulate financial services advertising to ensure that it is accurate and not misleading or deceptive and that relevant disclosures to consumers are made.

We regularly review advertisements for clients to ensure they are legally compliant and at the same time are not misleading or deceptive as a result of not clearly disclosing product terms or conditions.

The rules vary with the type of advertising: there are additional laws regulating television, radio, email spam, telemarketing, privacy, social media and websites as well as point of sale, outdoor signs, direct mail, door to door and print.

It is possible for ads for a business to have different requirements depending on the product and the method of advertising. There may also be different rules in different states (for example, in relation to competitions and promotions).

Bright Law can assist you with either developing an advertising compliance program (including timely sign off procedures), training your staff or acting as external reviewer. We can also advise you on dealing with ASIC if they raise concerns with you.