ASIC has released a consultation paper and draft regulatory guide containing best practice guidance for the advertising of financial products and financial advice.
The work seeks to promote confident and informed investors and financial consumers, noting the important role that advertising can play in helping investors to make important financial decisions.
The Chairman of ASIC, Greg Medcraft said: ‘The objective of our guidance is to help promoters and publishers present advertisements that are accurate, balanced and help consumers make decisions that are appropriate for them.’
‘While our guidance covers issues of good practice in advertising, it may also help promoters and publishers comply with their legal obligations not to make false or misleading statements or engage in misleading or deceptive conduct. Our guidance also indicates to industry the types of advertisements we may focus on more closely,’ he said.
ASIC’s guidance also contains real examples of where we have raised concerns with promoters of financial products or services and as a result their advertisement has been changed.
Comments on the consultation paper and draft regulatory guide are due by 25 October 2011. Please see the ASIC website for more information.