ASIC has renewed its warning to consumers to steer clear of offers that are continuing to be made by Frontline Financial Planning (Frontline).

On 12 August 2011, ASIC issued a consumer alert in relation to the activities of Frontline following numerous complaints made to ASIC (refer 11-173MR).

ASIC has since been informed that investors have been receiving offers from Frontline for a campaign known as “Dollar 4 Dollar”. As part of its campaign, Frontline promises to match every new dollar that is invested by 30 August 2011.

Frontline allegedly contacts individuals by phone and encourages them to participate in a two-week trial with access to an investment account managed by a company broker. Complainants who have taken up the trial to date have been unable to recover their money following the two-week period.

ASIC earlier took action to close Frontline’s website (www.frontlinefinancialplanning.com) which contained a number of false statements including a claim that it holds an Australian Company Number (ACN) and an Australian financial services (AFS) licence issued by ASIC.

Its website also quotes the licence and ACN details of a legitimate and unrelated company.

ASIC is also continuing to take steps to ensure that a new website recently registered by Frontline (www.ftlfinancialplanning.com) is also removed.

ASIC’s action against Frontline is consistent with its focus on ensuring Australian investors are confident and well informed

Frontline is not associated with registered companies known as Frontline Financial Planning Pty Ltd (ACN 150 602 896) or FTL Financial Advice Pty Ltd (ACN 069 805 207).