‘Misleading’ RAMS ad altered after trading watchdog voices concern

RAMS Financial Group has tweaked an ad campaign for its saver account following concerns raised by the Australian Securities and Investments commission that the communication was misleading.

The ads promoted a 5.75% interest rate, but there were with additional conditions for applicants to qualify for this rate.

ASIC felt the ads did not “give enough prominence to the conditions associated with the 0.8% bonus”; specifically by highlighting that consumers could not withdraw money from their savings account in order to qualify for the bonus interest. According to a release on the ASIC website, “In response to ASIC’s concerns RAMS amended its advertisement and is also taking steps to clarify its product information with customers.” A spokesperson for RAMS told Mumbrella: “We have promptly addressed ASIC’s concerns and no customers have been adversely affected.”



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