ASIC cracks down on education and trading software provider
Financial Education company The Hubb Organisation, which trades as Safety in the Market, has allegedly breached the law for making promotional representations about certain services and products.
The Australian Securities and Investments Commission (ASIC) has commenced proceedings in the Federal Court of Australia, alleging that Safety in the Market engaged in misleading or deceptive conduct in the promotion and sale of its financial education courses and trading software. ASIC asserted that the education company breached the ASIC Act and the Corporations Act by representing that users of its Smarter Starter Pack would be able to trade profitably in financial products based on a proven system.
ASIC sought an order to restrain the company from continuing to sell the courses and trading software or make the alleged representations. Alternatively it sought an order to require that Safety in the Market include a disclaimer on all future advertising and promotional material.
Recommended for you
The month of April enjoyed four back-to-back weeks of growth in financial adviser numbers, with this past week seeing a net rise of five.
ASIC has permanently banned a former Perth adviser after he made “materially misleading” statements to induce investors.
The Financial Services and Credit Panel has made a written order to a relevant provider after it gave advice regarding non-concessional contributions.
With the election taking place on Saturday (3 May), Adviser Ratings examines how the two major parties could shape the advice industry in the future.
