Finance broker pays infringement notice penalty for false or misleading representations
The Australian Securities and Investments Commission (ASIC) announced that finance broker Jeremy (WA) Pty Ltd paid $20,400 in penalties in compliance with two infringement notices issued by ASIC for making false or misleading representations. Each infringement notice imposed a penalty of $10,200.
The marketing representations offered 'guaranteed car finance' to consumers and were published on websites operated by the company at guaranteedcarfinance.com.au and yes-loans.com.au, using the Google Adwords service which linked to the company's website at getapproved.com.au.
ASIC was concerned the representations were false or misleading under national consumer law because an unconditional guarantee that finance can be provided is inconsistent with responsible lending laws.