Mortgage Choice fined over false savings claims
DateNovember 28, 2013 - 1:35PM
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Clancy Yeates
Banking reporter SMH
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Mortgage Choice has been fined for false advertising, after it wrongly claimed customers had saved an average of $10,000 over five years by refinancing their home loans.
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.
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It fined the broker $30,600 for the infringements.
The chief executive of Mortgage Choice, Michael...
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ASIC ignores Consumers
ASIC profiting from Fraud
Mortgage Choice Misleading customers
Peter Kell
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Yes, Denise, it's a pretty lame effort. As academic theoretical regulators I guess that must seem like quite an achievement to the -
So the only deception Mortgage Choice was engaging in was false and misleading advertising? Was that all you found Mr Kell? They