Mortgage Choice Limited (ASX:MOC) has been fined for false advertising, after it wrongly claimed customers had saved an average of $10,000 over five years by refinancing their home loans.
ASIC says it has taken exception to television advertisements from 2012 that say customers had saved an average of $10,000 over five years.
Rather than representing real savings by customers, the claim was based on calculations relating to a group of 300 refinancing customers over a six month period, ASIC said.
It fined the broker $30,600 for the infringements.
Chief executive of Mortgage Choice, Michael Russell, says the company took its responsibilities to advertise in line with regulations very seriously and it would follow the watchdog's guidance in the future.
Mortgage Choice delivered a net profit of $18.7 million in fiscal 2013.