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ASIC takes action against non-bank lender

ASIC announced today it has censured Mortgage House after it “inappropriately used an ASIC trademark to sell one of its products”.

The regulator said Mortgage House had been wrong to name and promote a loan product as ‘MoneySmart’.

“MoneySmart is a registered trademark of ASIC and appears in the name of ASIC’s MoneySmart, which is ASIC’s dedicated website for consumers and retail investors,” it said.

“Using ASIC’s brand could have misled borrowers to believe the company was in some way endorsed or approved by ASIC or ASIC’s MoneySmart.”

Mortgage House admitted that it failed to check whether ‘MoneySmart’ was trademarked, according to ASIC.

The non-bank lender has renamed the loan product, undertaken corrective advertising on its website and provided ASIC with an undertaking to rectify its advertising compliance processes, ASIC said.

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