by Alan Thornhill
The RAMS Financial Group has agreed to change advertisements, which have been labelled “potentially misleading.”
The Australian Securities and Investments Commission said the television and outdoor ads featured a prominent headline claim offering a 5.75 per cent interest rate on a RAMs saver account.
This was followed with smaller statements declaring that this included a ‘0.8 per cent Bonus’ and noting that ‘monthly deposit conditions apply’
ASIC said these ads left out important information and failed to give enough prominence to the conditions associated with the 0.8 per cent bonus.
The watchdog said it was particularly concerned by the fact that the ads did not disclose that in order to achieve the monthly bonus rate, consumers could not make any withdrawals from the account during the month.
ASIC Commissioner Peter Kell said that ‘advertisements should give balanced information to ensure the overall effect creates realistic expectations about a financial product or service’.
Mr Kell said RAMS had agreed to change its ads and take steps to clarify its product information.
The RAMS Saver account is issued by Westpac Banking Corporation and distributed by RAMS.
Alan Thornhill is a parliamentary press gallery journalist.
Private Briefing is updated daily with Australian personal finance news, analysis, and commentary.
Thursday December 5
The Dow Jones index fell 24.85 points to 15,889.80
The Federal government and the Greens have reached a deal, under which the cap on Commonwealth debt will be abolished
Qantas warns of another 1,000 job cuts, over the coming year
East Timor’s prime minister says he is shocked by the Australian Government’s decision to authorise raids on a lawyer and whistleblower who were set to provide evidence against Australia in The Hague.
|Aud To Usd||0.9015||N/A||N/A|
|Bhp Blt Fpo||36.780||-0.020||-0.05%|
|Cwlth Bank Fpo||75.500||-1.300||-1.69%|
|Origin Ene Fpo||13.630||-0.360||-2.57%|
The News This Week
- Qantas “under pressure” PM
- PM announces free trade agreement with the Republic of Korea
- Trade deficit jumps
- Deeming accounts:a warning
- The $A stumbles, then…
- Debt cap:the row continues
- Competition law review ordered
- Limitless debt:Hockey explains
- Federal debt cap to be scrapped
- Treasurers trade blows
- “This is what we inherited,” Hockey says as growth comes in at 0.6 per cent
- Services sector stirs
- Consumer confidence rises
- Our students are “slipping” Report
- Rates:the explanation
- Airlines (81)
- Banking (2567)
- Business (2679)
- Communications (58)
- crime (15)
- Disaster (119)
- Economics (2651)
- education (1)
- Environment (128)
- Financial advice (2403)
- Health (102)
- Housing (710)
- Inflation (528)
- Insurance (107)
- Investment (2186)
- Markets (1982)
- Media (133)
- medical (41)
- mining (265)
- pay (110)
- Politics (2715)
- population (165)
- Regulation (1026)
- retirement (86)
- rural (14)
- Rural australia (113)
- Security (23)
- Social security (254)
- Superannuation (233)
- Tax (400)
- The latest (124)
- Trade (737)
- Uncategorized (391)