ASIC has warned consumers to beware of dealing with individuals or entities who falsely use ASIC’s name or logo to promote their services.

The warning comes after a financial adviser on New South Wales’ North Coast voluntarily agreed to stop using ASIC’s name and logo in connection with his business.

The adviser, who is licensed to provide superannuation advice, displayed the word ‘ASIC’ and the regulator’s logo on its shopfront window alongside a reference to his Australian financial services licence (AFSL).

‘Individuals should not use ASIC’s name and logo to promote their products or services. In doing so, consumers may be led to believe that the adviser and/or the service provided, has been approved or endorsed by ASIC,’ ASIC’s Executive Director of Consumer Protection, Mr Greg Tanzer said.

According to Mr Tanzer, the financial adviser has since removed references to ASIC and agreed to place a notice in the shopfront window to correct any misleading impressions.

The adviser will also publish an advertisement in a prominent newspaper at the request of ASIC.

‘Consumers need to be wary when they are confronted with individuals or orgsanisations who attempt to demonstrate their credibility through the misuse of ASIC’s logo or name,’ Mr Tanzer said.

‘In this particular case, the financial adviser complied with ASIC’s requests, but we won’t hesitate to take court action against operators who unlawfully use our corporate identity.’

Complaints concerning individuals or companies suspected of misusing ASIC’s name or logo may be lodged with ASIC via the website or by writing to any of our capital city offices across Australia at:

Manager
National Assessment & Action
ASIC
GPO Box 9827
IN YOUR CAPITAL CIT