Marketing and advertising play a key role in any business’s approach to reach clients or to create brand awareness. Promoting products, services, or ideas through various forms of communication such as print, digital, web or social media means there are many ways to capture a prospective client’s attention.
But, you also need to be aware that regulators are particularly focused on advertising that can mislead or deceive or provides advice that is beyond the scope of your licensed activities (as demonstrated by ASIC's recent action against a finfluencer).
It is therefore important you are aware of your obligations so that your material complies with the law and so your business is protected.
Our Advertising Guidelines include an easy and practical checklist of what to consider when developing your advertising, including updated guidance in relation to financial product advice and social media advertising.
Some things to consider with your marketing material are:
- Is your marketing and advertisement material accurate or could it be viewed as misleading?
- Are you using high risk or prohibited words in the material?
- Are you displaying comparison rates where you have advertised an interest rate or repayment amount?
- If a fee or cost is referred to in the advertisement, does it give a realistic impression of the overall level of fees and costs a consumer is likely to pay?
- Are disclaimers easy to read in context of the overall advertising material?
- Are you promoting financial products or providing material that contains financial product advice and if so, do you have a license to do so?
MFAA members can access Advertising Guidelines by logging into the MFAA member portal. They're under Advertising and disclosure in the Legal and compliance section of the Broker Toolbox. You'll also find information on words prohibited in advertising.
