The Australian Securities and Investments Commission has debt management firms in its sights as it looks to crack down on misleading conduct by companies that claim to be able to help with bankruptcy advice and debt consolidation at a time when personal insolvencies are up 10%.
ASIC put the debt management sector front and centre on Wednesday, reporting one business, Capital Debt Solutions Australia Pty Ltd, has paid an infringement notice of $10,800 in relation to misleading claims, while two other companies, Debt Assist Aust Pty Ltd and Bankruptcy Experts Pty Ltd, have removed testimonials and claims from their websites over concerns they were misleading to customers.
This includes the claim from Capital Debt Solutions …
Read the full article at: http://www.smartcompany.com.au/finance/asic-cracks-debt-management-firm-ads-personal-insolvencies-jump/