ASIC has censured a non-bank lender over what it has called the inappropriate use of one of its trademarks.
The watchdog announced it has censured Mortgage House
over its use of the name MoneySmart for a loan product. MoneySmart is a registered trademark of ASIC, and is the regulator's consumer website.
"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," ASIC said in a statement.
ASIC said Mortgage House
admitted to not checking whether the MoneySmart name was trademarked. The lender has renamed the product, undertaken corrective advertising on its website and have provided ASIC with an undertaking to rectify its advertising compliance processes.