The Treasury consultation paper contained key proposals in the Paper that affect digital advertising including:
Require superannuation advertisements to display Australian Financial Services licence numbers.
Expand ASIC’s stop order power to take down financial advertisements – this would enable ASIC to direct an advertiser to take down ads if they contain misleading or missing information (e.g. absence of an AFS number).
The paper also suggests introducing additional grounds on which ASIC may issue a stop order where ASIC reasonably believes the advertisement may result in substantial consumer harm, to better reflect the specific risk posed by digital advertising, where the advertisements can be disseminated rapidly and at scale.
Members can access our submission below that recognises the significant consumer harm caused by the conduct alleged in the Shield and First Guardian cases. However, we are concerned that several of the proposals in the Consultation Paper may inadvertently restrict legitimate digital advertising and impose undue burden on platforms and publishers. We urge Treasury to ensure that any reforms are carefully targeted at the actors responsible for harm, and do not inadvertently damage the broader, well-regulated advertising ecosystem.
IAB Australia members can download the submission below:
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