The Australian Securities and Investments Commission today said it had taken exception to television advertisements from 2012 that said customers had saved an average of ''$10,000 over five years.''

Rather than representing real savings by customers, the claim was based on calculations relating to a group of 300 refinancing customers over a six month period, ASIC said.

''No savings of $10,000 over five years had been achieved by any customer at the time of the advertisement,'' the watchdog said.

It fined the broker $30,600 for the infringements.

The chief executive of Mortgage Choice, Michael Russell, said the company took its responsibilities to advertise in line with regulations ''very seriously'' and it would follow the watchdog's guidance in the future.

"Mortgage Choice has fully co-operated with ASIC during their investigation and while we are disappointed with the end result, the matter has now been dealt with and we consider it to be finalised," Mr Russell said in a statement.

The deputy chairman of ASIC, Peter Kell, said the regulator would continue take action against financial advertising that it judged to be false or misleading.

''Advertising plays a crucial role in the decisions consumers make, and any claims made about savings a consumer might make need to be accurate and supported by evidence,'' Mr Kell said in a statement.