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Misleading Claims Can Be Costly
Recently the Commerce Commission brokered a record payout of $45million from a bank and financial institution for investors who claimed they had been mislead about the risks involved in investing in funds. This hefty amount was paid out to investors who claimed they were told their investments were as safe as keeping their money in the bank – which was misleading.
This highlights an important lesson: that a failure to provide accurate information to consumers can lead to significant financial consequences. All businesses can take heed of this and remember not to make misleading claims thus avoiding breaches of the Fair Trading Act.
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