ASIC has confirmed that it is continuing to monitor the financial advice industry’s use of restricted terms ‘independent’ and ‘independently owned’, taking steps to intervene when it identifies concerns.
Following surveillance of industry websites, ASIC has named four financial advice companies it has required to cease and amend false claims of independence that could mislead consumers.
The claims were made on websites, and in some instances, in the marketing material.
ASIC says it will continue to publicly name advisers who do not comply with their obligations under section 923A of the Corporations Act and, where appropriate, take action to enforce the obligations in s923A and to ensure consumers are not misled about the nature of the service they are receiving.
