Updated ASIC guide for online advertising

[Shane]

ASIC have released a new regulatory guide on promoting financial services, including the use of online content. There's some info on comparison sites too.

http://www.asic.gov.au/asic/pdflib.nsf/LookupByFileName/rg234-published-14-February-2012.pdf/$file/rg234-published-14-February-2012.pdf

From past experience I know some DNT members will ignore it with the "f#&k ASIC" attitude, but better to do things properly than to risk the consequences if you ask me...

 

[Bacon Farmer]

Thanks Shane.

The info on comparison sites and aggregators would be the following:

"Aggregators and comparison sites

RG 234.170 Comparison sites or aggregators provide comparisons between multiple
providers for different financial products (e.g. credit cards or insurance),
commonly ranking them in order based on cost or interest rate. If the site
includes awards or ratings for certain products, the basis for such should be
clearly disclosed.

RG 234.171 Aggregators should disclose any links to the providers of the products that
are being compared, including commissions, referral fees, payments for
inclusion in comparisons and/or payments for ‘featured’ products.

RG 234.172 A warning should be included if not all providers are included in the
comparison.

RG 234.173 Advertisements on aggregator sites should be clearly disclosed as such to
prevent consumers being misled about the ranking of the product.

RG 234.174 Unless it is not the case, the aggregator should include a warning that
financial products compared do not compare all features that may be relevant
to the consumer (e.g. flood cover for home insurance)."

Note ASIC's own disclaimer about the guide:

"Disclaimer

This guide does not constitute legal advice. We encourage you to seek your
own professional advice to find out how the Corporations Act and other
applicable laws apply to you, as it is your responsibility to determine your
obligations.

Examples in this guide are purely for illustration; they are not exhaustive and
are not intended to impose or imply particular rules or requirements."

 

[Cooper Mills DomainLawyer]

ASIC have released a new regulatory guide on promoting financial services, including the use of online content. There's some info on comparison sites too.

http://www.asic.gov.au/asic/pdflib.nsf/LookupByFileName/rg234-published-14-February-2012.pdf/$file/rg234-published-14-February-2012.pdf

From past experience I know some DNT members will ignore it with the "f#&k ASIC" attitude, but better to do things properly than to risk the consequences if you ask me...

I agree with you Shane, better to take the safe route and do your best to comply.

 

[acheeva]

Good to see that they follow their own advice!

Note ASIC's own disclaimer about the guide:

"Disclaimer

This guide does not constitute legal advice. We encourage you to seek your
own professional advice to find out how the Corporations Act and other
applicable laws apply to you, as it is your responsibility to determine your
obligations.

Examples in this guide are purely for illustration; they are not exhaustive and
are not intended to impose or imply particular rules or requirements."

 

[syndication]

Relevant

Thanks for posting this information as is very relevant to me developing www.ratings.com.au

I will have to read it completely as what I have seen so far has wide ranging effects

I might shelve ratings.com.au and concentrate on the 14 or so global (non .com.au) sites insteads