ASIC fines Equanimity for misleading advertising
Misleading or false advertising has landed Gold Coast-based financial planning and property management company, Equanimity Concepts $30,600 in penalties by the Australian Securities and Investments Commission (ASIC).
Announcing the imposistion of the fine, ASIC said the advertising could have misled consumers into thinking that borrowing with Equanimity would help them repay their home loan in a very short time frame without incurring further debt.
For more than two years during 2012 to 2014 the Gold Coast based company placed home loan financing options advertisements on its website, YouTube, Qantas, Jetstar and Virgin in-flight magazines, and in police journals.
In November 2014 Equanimity entered an enforceable undertaking (EU) with ASIC following the investigation. ASIC then imposed three infringement notices with penalties of $10,200 each.
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