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

The non-bank lender named and promoted a loan product ‘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.

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, which admitted it did not check if ‘MoneySmart’ was trademarked, have renamed the loan product, undertaken corrective advertising on its website and have provided ASIC with an undertaking to rectify its advertising compliance processes.

Background

ASIC’s MoneySmart provides free, independent information, tools and calculators to help people better manage their money and make smart choices about their personal finances.

ASIC’s active monitoring of financial services and credit advertising has forced companies to change the way they go about selling themselves, including the following outcomes:

• Equanimity (NAB) (14-297MR)
• National Australia Bank (NAB) (14-282MR)
• NAB’s UBank (refer: 14-235MR)
• Make it Mine Finance Pty Ltd (refer: 14-198MR)
• Esuperfund Pty Ltd (refer: 14-196MR)
• Your Super Accountant (refer: 14-195MR)
• [This MR was redacted on 26/04/2024 in accordance to ASIC policy - see INFO 152 Public comment on ASIC's regulatory activities]
• Wealth Within Ltd (refer: 14-075MR)
• Paid International Ltd (refer: 14-065MR)
• SuperHelp (refer: 14-051MR)
• Jeremy (WA) Pty Ltd (refer: 14-022MR)
• Media Super (refer: 14-001MR)
• a number of banks and mutual authorised deposit-taking institutions (refer: 13-325MR)
• Insure 247 Pty Ltd (refer: 13-291MR)
• Woolworths (refer: 13-177MR)
• HSBC (refer: 13-176MR and 12-73AD)
• Commonwealth Bank of Australia (refer: 13-176MR and 12-03MR)
• GE Money (refer: 12-198MR)
• RAMS (refer: 12-153MR), and
• Bankwest (refer: 12-110MR).