ASIC has announced that National Australia Bank (NAB) will run advertisements correcting claims about its home loan rate.

Earlier this month a NAB promotional wraparound published in The Sydney Morning Herald and The Age claimed the bank ‘had the lowest standard variable rate for more than five years’.

The claim was false as NAB failed to qualify its claim with words to the effect ‘of the four major banks’. Outside the major banks, NAB has not had the lowest standard variable rate over the past five years.

Advertising claims need to be checked for factual accuracy before publication.