ASIC is sending a message that it is prepared to take decisive action against financial services industry participants who create and publish misleading advertisements. Since July 2010, ASIC’s actions have resulted in 117 advertisements across the financial services sector being withdrawn or remedied in response to concerns about poor practices and potentially misleading and deceptive conduct. ASIC has stated that it will now aim for stronger penalties than it has traditionally sought in the past. The penalties for making false or misleading statements can range from minor infringement notices to imprisonment.
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