ASIC has fined Mortgage House for inappropriately using an ASIC trademark to sell one of its products.

The non-bank lender named and promoted a loan product ‘MoneySmart’.

But MoneySmart is a registered trademark of ASIC, appearing in the name of ASIC’s MoneySmart service - the dedicated website for consumers and retail investors.

ASIC says using its brand could have misled borrowers to believe the company was in some way endorsed or approved by ASIC or ASIC’s MoneySmart, when it was not.

Mortgage House, which admitted it did not check if ‘MoneySmart’ was trademarked, has renamed the loan product, and corrected its website.

It has also pledged to ASIC that it will fix its advertising compliance processes.

ASIC’s MoneySmart service continues to provide free, independent information, tools and calculators to help people better manage their money and make smart choices about their personal finances.