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ISCOVER
Staff Reporter
Industry pundits have welcomed ASIC’s firm stance on financial advertising.
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Earlier today, the corporate regulator’s chairman Greg Medcraft launched a drafted “best practice” guide for companies advertising their financial services and products.
Mark Degotardi, head of public affairs at Abacus, said Australia’s mutuals and credit unions welcomed the drafted guidelines and looked forward to liaising with ASIC on this front.
“Informed consumers are critical to a healthy financial sector. Our experience is that consumers have invested in products like debentures without understanding the risk nature of those products. So, further oversight of advertising these sorts of products is very welcome,” he said.
“Credit unions and building societies have only one priority – their members. We take great care to fully disclose important information about our products and we are pleased that other parts of the financial services industry will now be held to the same standard.”
