The warning is targeted to holders of an Australian credit licence who have recently come under ASIC’s regulatory responsibility for the first time. It follows a credit provider voluntarily agreeing to stop using ASIC’s name and logo on its website after ASIC found the use of the name and logo breached its intellectual property and was potentially misleading.
‘The National Consumer Credit Protection Act 2009 (National Credit Act) and the Corporations Act 2001 (Corporations Act) prescribe the information and documents that credit licensees and Australian financial services licensees respectively must include about their licence.
ASIC is concerned that use of the ASIC name and logo in conjunction with these identification requirements could cause consumers to believe the business or company is in some way endorsed or approved by ASIC.
ASIC is reminding licensees that the correct way to inform the public that they hold a credit licence is to display the Australian credit licence number in their advertisements.