Beware of misused ASIC logo
The Australian Securities and InvestmentsCommission (ASIC) is warning consumers to beware of businesses that are falsely using ASIC’s logo to promote their own services.
This follows an incident involving a NSW financial adviser who displayed ASIC’s name and logo on his shop window, alongside a reference to his Australian financial services licence (AFSL).
ASIC consumer protection executive director Greg Tanzer said ASIC’s name and logo should not be used as it could lead consumers to believe that the adviser and service provided were endorsed by ASIC.
“Consumers need to be wary when they are confronted by individuals or organisations who attempt to demonstrate their credibility through the misuse of ASIC’s name and logo,” he said.
Tanzer said the financial adviser in question had voluntarily removed the ASIC references and agreed to place a notice in his shop window to correct any misleading impressions.
ASIC also requested the adviser to publish an advertisement in a prominent newspaper in relation to this.
“In this particular case, the financial adviser complied with ASIC’s requests, but we won’t hesitate to take court action against operators who unlawfully use our corporate identity,” Tanzer added.
Complaints concerning the suspected misuse of ASIC’s name or logo should be lodged with ASIC via its website or by writing to any of its capital city offices.
Recommended for you
With the final tally for FY25 now confirmed, how many advisers left during the financial year and how does it compare to the previous year?
HUB24 has appointed Matt Willis from Vanguard as an executive general manager of platform growth to strengthen the platform’s relationships with industry stakeholders.
Investment manager Drummond Capital Partners has announced a raft of adviser-focused updates, including a practice growth division, relaunched manager research capabilities, and a passive model portfolio suite.
When it comes to M&A activity, the share of financial buyers such as private equity firms in Australia fell from 67 per cent to 12 per cent in the last financial year.
