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02/428 Westpac agrees to alter Rocket Home Loan campaign

Thursday 28 November 2002

The Australian Securities and Investments Commission (ASIC) today announced that Westpac Banking Corporation (Westpac) has altered its promotional campaign for the Rocket Home Loan, launched in early October 2002, following concerns raised by ASIC.

ASIC was concerned that certain representations in the advertising used in the Rocket Home Loan campaign, relating to the early repayment of the loan, could have been misleading.

Westpac cooperated fully with ASIC and agreed to suspend and amend the specific promotion and other materials.

Additionally, Westpac will write to all consumers who have taken out loans or applied for loans as a result of the advertisements, and explain the representations made in the advertisements.

In March 2002 ASIC’s consumer protection role in the financial services industry was extended to include credit. ASIC is concerned to ensure that investors and consumers can rely on fair and accurate information when considering advertisements in the home loan market.

‘Consumers must be confident that when they are shopping for a home loan, the advertising they encounter accurately sets out the features of the product, and that any scenarios used to justify claims are realistic and clearly disclosed’, ASIC Executive Director of Consumer Protection, Mr Peter Kell said.

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