Equanimity Concepts enters EU with ASIC
The corporate regulator has accepted an enforceable undertaking from a Gold Coast-based “financial planning and property management company”.
Equanimity Concepts Pty Ltd - an authorised rep of non-aligned licensee Sentry Financial Planning until March 2014 - has entered into an EU after an investigation found potentially misleading advertising regarding financing options for home loans.
“From January 2012 to July 2014, Equanimity advertised on its website, YouTube and in numerous in-flight magazines and police journals that consumers could pay off their home loan in a very short amount of time,” an ASIC statement said.
“For example, one line read, ‘Pay off your 25 year home loan in less than 5 years’.”
ASIC deputy chair Peter Kell said the compliance processes in place at Equanimity were “unsatisfactory” and may have been consumer protection laws.
“Consumers who may have come across these ads may have been misled in Equanimity’s ability to help them pay back their home loan in a significantly reduced timeframe without incurring further debt,” Mr Kell said in the statement.
“Advertising of this nature will not be tolerated and ASIC will take swift action when confronted with false claims.”
Equanimity must now appoint an external compliance consultant to review its processes and procedures.
The ads in question have now been removed.
Class action filed over grandfathered commissions
Major law firm Slater and Gordon has today filed a class action on behalf of 500...
AFSL forced to shut down robo-advice tool
A Sydney-based licensee has voluntarily shut down two digital advice tools follo...
Closing advice gap on ASIC’s radar for 2020
ASIC chair James Shipton says he is “acutely aware” of the growing shortfall...