Huntley Management charged over misleading advertising
Formerly Morningstar-owned Huntley Management has been issued a $50,000 fine for falsely advertising that its investment projects were Australian Securities and investments Commission (ASIC)-approved.
Huntley Management has admitted to the false and misleading advertising and consented to the two declarations made by the Federal Court. The firm will now pay ASIC’s litigation costs.
“'Huntley's projects had not been approved by ASIC. It was true that the schemes were registered with ASIC but…. I do not think that this is remotely what the word 'approved' conveys,” His Honour Justice Perram said in the Federal Court judgment.
Huntley Management was previously issued two infringement notices for false advertising in 2015 and was issued civil penalty proceesings in September 2016 after failure to pay infringement notices.
AUTHOR
Hope William-Smith
Recommended for you
Results are out for the latest sitting of the ASIC financial advice exam, with the pass rate falling for the second consecutive sitting.
Adviser losses for the end of June have come in 143 per cent higher than the same period last year, and bring the total June loss to over 350.
ASIC’s enforcement action is having an active start to the new financial year, banning a former Queensland financial adviser for 10 years in relation to fees for no service conduct.
ASIC has confirmed the industry funding levy for the 2024–25 financial year, and how much licensees can expect to pay.
