AR responds to misleading advertising concerns
Interprac Financial Planning authorised representative, Stephen Burgin, has closed his website following concerns it may have implied endorsements and approvals which were not actually held.
Burgin close his website following concerns raised by the Australian Securities and Investments Commission (ASIC) about images and references on the website, including references to Burgin as a senior ASIC licensed adviser and an ASIC licensed fractional property consultant.
“Neither of these approvals is available or possible as ASIC does not license individual advisers,” the corporate regulator said.
ASIC said it was also concerned the statements on the website may have mislead readers about the benefits of investing in the financial products promoted by the website.
ASIC said these statements could have mislead potential investors into believing their investment would entitle them to the benefits of direct land ownership by, for example, equating investment amounts to land size.
ASIC deputy chairman, Peter Kell said: “Financial products must not be promoted in a way that could mislead consumers about the benefits of the product or the product’s endorsement”.
“We will be particularly concerned where advertisements falsely claim endorsement or approval by ASIC.”
Recommended for you
It can be extremely hard to realise the gains from financial advice M&A, according to Peloton Partners’ Rob Jones, and more could be gained from firms looking inward at their own practice.
With platforms reporting their quarterly results, there is a clear divide in the adviser markets they are targeting, according to platform specialist Recep Peker, and which would be right for your clients.
The Federal Court has imposed a $10 million penalty on Macquarie Bank for failing to prevent and control unauthorised fee transactions by third parties including financial advisers.
A financial advice firm has seen a weekly decline of 10 advisers, with all moving to a new licensee, while Centrepoint Alliance continues its “growth story”.
