Key Points:
Consultation paper 178 is a timely reminder to promoters
of financial products and financial advice services and publishers
of advertising that ASIC will regularly be reviewing
ads.
ASIC released Consultation Paper 178 on 5 June 2012 about credit
advertising to promote good practice and help industry comply with
their legal obligations when advertising credit products and
services. CP 178 relates specifically to credit facilities and
builds on RG 234, which was released in February 2012 and applies
to all types of financial products including credit facilities.
RG 234 sets out a detailed list of "good practice
guidance" for particular aspects of financial products, to
help promoters to not make false or misleading statements or engage
in misleading or deceptive conduct. The guidance mirrors the
general provisions and principles in the Australian Consumer Law
(contained in Schedule 2 to the Competition and Consumer Act 2010)
prohibiting conduct that
