ASIC 'operational' on 'compare the pair' ads
The Australian Securities and Investments Commission (ASIC) has signalled it may be actively examining the Industry Super Network's (ISN's) "compare the pair" advertising campaign.
The regulator's approach was indicated when an ISN "compare the pair" advertisement at Canberra Airport became the focal point of questioning around whether some of the underlying calculations behind the advertising campaign should be dealt with by ASIC.
The issue was raised by Tasmanian Liberal Senator David Bushby when ASIC representatives were appearing before a Senate Estimates Committee last night and the Senator queried whether the advertising and the underlying assumptions were appropriate.
ASIC Commissioner Peter Kell acknowledged the issue, but said the regulator did not comment on operational matters.
Kell pointed out that ASIC had this week released its new guidelines around the advertising of financial products, and said the use of appropriate comparison was "front and centre".
"We are monitoring the market, and if we see advertisements that need attention we are engaging with the organisations behind them," he said. "But we don't comment on operational issues."
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