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14-091MR Virgin Money pays $30,600 penalty for misleading advertising

Tuesday 29 April 2014


Virgin Money (Australia) Pty Limited has paid $30,600 in penalties after ASIC issued three infringement notices for misleading online and television advertising. Each infringement notice imposed a penalty of $10,200.

The misleading representations related to the promotion of Virgin Money’s ‘Quick & Easy’ life insurance product, which appeared on television up until May 2013, and online up until March 2014.

ASIC was concerned that the advertising contained the following misleading representations about the process involved in applying for ‘Quick & Easy’ and the life insurance coverage provided under the product:

ASIC Deputy Chairman Peter Kell said, ‘Purchasing life insurance is an important decision and consumers should be able to confidently rely on representations made to them in advertising’.

The payment of an infringement notice is not an admission of a contravention of the Australian Securities and Investment Commission Act 2001 consumer protection provisions. ASIC can issue an infringement notice where it has reasonable grounds to believe a person has contravened certain consumer protection laws.

View the register of infringement notices


Background


ASIC has taken action against six organisations for misleading advertising in 2014, with penalties totalling more than $120,000. This action includes:

ASIC issued Regulatory Guide 234 Advertising financial products and services (including credit): Good practice guidance (RG 234) in November 2012.

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