Display comparison rate on credit product advertising
Annual percentage + comparison rate must accompany credit product ads under NCCP Regulations.
Who must comply
Credit providers + brokers advertising credit products.
What triggers it
Advertising a credit product.
When due
Continuous.
Evidence required
Advertising approvals; comparison rate calculations; archived ads.
Max penalty
Civil penalties under NCCP + misleading conduct under ACL
Summary
NCCP Regulations require credit providers + brokers to display the comparison rate (calculated using prescribed formula) alongside any advertised credit product. The rate gives consumers a like-for-like comparison including fees.
Enforced by
Source legislation
Industries
Topics
Source: https://asic.gov.au/regulatory-resources/credit/. Rules Mate is not a law firm. Always verify against the live regulator source before acting.