ASIC is continuing its financial services advertising surveillance. It has announced that Brisbane’s Cheapest Commodores has agreed to amend the advertising of “guaranteed finance” for its car finance offers in response to concerns raised by it.

ASIC says that Peter Barratt Pty Ltd, which has six BCC car yards across Brisbane, promised ‘Guaranteed Finance’ via its website and other promotional material. ASIC was concerned that this claim was either:

• misleading because the company did not in fact guarantee to provide finance regardless of the customer’s financial circumstances, or
• if the company did provide such a guarantee, that it was in breach of the responsible lending obligations under the National Consumer Credit Protection (NCCP) Act.

The reference to “guaranteed finance” will be removed.

Bright Law provides a financial services advertising legal sign-off service. Contact one of our offices for more information.