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CU System
Australian regulator to Abacus Change ad
CANBERRA, Australia (9/17/10)--Australia's credit union regulator is requiring the country's credit union and mutuals organization to change an ad that claims consumers can save $35,000 by switching from big banks to credit unions. The regulator, Australian Securities and Investments Commissioner Peter Boxall, required Abacus, the credit union and building society industry group, to knock off $5,000 from the ad after banks complained the ad was misleading because of allegedly faulty methodology by the research firm, Infochoice (Herald-Sun Sept. 17). Boxall outlined several concerns about the research's disclosures of types of interest rates, the credit unions and building societies selected for the research, and the timing of the calculation. The new $30,000 savings figure is based on an average of four new Infochoice comparisons run randomly. Abacus said the savings are "definitely over $30,000." That figure was at the lowest end of the savings range consumers can expect, said the organization.


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