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Wednesday 8 December 2010

10-263AD ASIC commences proceedings against ‘safety in the market’

ASIC has commenced proceedings in the Federal Court of Australia against the financial education company, The Hubb Organisation Pty Ltd, which trades under the name ‘Safety in the Market’ (Safety in the Market).

ASIC alleges that Safety in the Market has engaged in misleading or deceptive conduct in the promotion and sale of its financial educational courses and trading software.

In particular, ASIC alleges that Safety in the Market has breached the ASIC Act and the Corporations Act by representing that users of its ‘Smarter Starter Pack’ would be able to trade profitably in financial products based on a proven system.

ASIC is seeking:

declarations that Safety in the Market has engaged in misleading or deceptive conduct in the promotion and sale of its financial educational courses and trading software;

  • an order restraining Safety in the Market from continuing to sell such financial education courses and trading software;
  • in the alternative, an order restraining Safety in the Market from continuing to make the alleged representations; and
  • in the alternative, an order requiring Safety in the Market to include a disclaimer on all future advertising and promotional material.

The matter is listed for directions before the Federal Court on Friday 17 December 2010.

Last updated: 08/12/2010 12:00