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Equanimity Concepts penalised by ASIC

A Gold Coast-based former authorised representative of Sentry Financial Planning, Equanimity Concepts, has been fined over $30,000 by ASIC for false or misleading advertising.

In a statement issued by ASIC, the regulator said Equanimity – which entered into an enforceable undertaking in November 2014 and is described as a “financial planning and property management company” by the regulator – has been penalised $30,600 for misleading advertisements across a series of platforms.

“The ads for financing options for home loans ran on Equanimity’s website, on YouTube, in in-flight magazines for Qantas, Jetstar and Virgin, and in police journals for more than two years,” the statement from ASIC said.

“ASIC was concerned the company could have misled consumers into thinking that if they borrowed with Equanimity, they would be helped to repay their home loan in a reduced time frame without incurring further debt,” it said.

The company entered into an EU after an investigation found potentially misleading advertising regarding financing options for home loans.

Sentry revoked the company's authorisation in March 2014.