Marketing compliance can be complex.
Here’s the overview:
- All businesses need to comply with the Trade Practices Act and State Fair Trading Acts
- Your relationship with all your customers is covered by your Code of Conduct.
- If you market financial services (such as deposits, insurance, advice) then you need to comply with ASIC's FSR policies and Part 7.9 of the Corporations Act.
- If you market securities and shares you must comply with Chapter 6 Corporations Act.
- If you market loans to consumers you need to comply with the Consumer Credit Code.
- Online account transactions must comply with the EFT Code.
Financial services marketing compliance needs to address laws specific to products and services offered as well as laws which relate to the lifecycle of a financial service or product: advertising, applications, creating a contract (and its form) and how the product is maintained (including payments, statements and notices, debt collection) through to eventual account termination. In addition, companies need to consider their corporate governance and prudential obligations as well as their general community public relations.
ADVERTISING AND DIRECT MARKETING CLEARANCE CHECKLIST.pdf