In communicating information, firms should:
- consider whether the omission of any relevant facts will result in the customer being given information which is not clear, fair and not misleading;
- consider whether any comparison of products or services (whether or not provided by the firm) is fair and balanced;
- use plain and intelligible language;
- ensure the promotion or communication is easily legible (or for information given orally, clearly audible);
- specify the name of the firm making the communication or the firm on whose behalf it is being made;
- show the name of the lender (where it is known) if the communication or promotion relates to credit broking in a prominent way.
Financial communications must not:
- state or imply that the firm is a lender if it is not;
- suggest or state that credit is available, regardless of the customer's financial circumstances or credit status;
- mislead the customer as to the availability of a particular credit product;
- conceal or misrepresent the identity or name of the firm;
- use false testimonials, endorsements or case studies; or
- use false or unsubstantiated claims as to the firm's size, experience or pre-eminence.
Credit brokers – including motor dealers – must indicate, in their financial promotions and communications:
- the extent and limitations of their powers and in particular whether they work exclusively with one or more lenders, or work independently; and
- the existence of any financial arrangements with a lender which might impact on their impartiality in promoting a credit product to a customer.