ASIC rewrites the rulebook: Financial advertising guidance set for major update

ASIC has closed submissions on its proposed overhaul of Regulatory Guide 234: Advertising financial products and services (including credit) (RG 234) the main “good practice” guide ASIC relies on when assessing whether financial/credit advertising crosses into false or misleading statements or misleading or deceptive conduct.

ASIC has indicated a revised RG 234 is due by the end of end of the June.

This update matters for publishers because the draft guidance is expressly relevant not only to promoters (issuers, advisers, credit providers etc.) but also to publishers of advertising for these products and services meaning media owners and platforms are within scope of the “good practice” expectations.

KEY THEMES ASIC IS SEEKING TO UPDATE IN RG 234

ASIC says the proposed updates are intended to ensure the currency and clarity of its regulatory approach to financial advertising by:

• Reflecting ASIC enforcement and regulatory action since RG 234 was issued in 2012.

• Consolidating “past performance” advertising guidance by incorporating RG 53 into RG 234 (with ASIC proposing to withdraw RG 53 once the updated RG 234 is published).

• Simplifying and streamlining the existing guidance (including more modern examples and a clearer structure).

WHY THIS MATTERS FOR PUBLISHERS

For publisher teams, the draft update is a reminder that compliance responsibility does not stop with the advertiser. RG 234 is positioned as “good practice” guidance for anyone involved in advertising and publishing financial/credit promotions and is likely to be applied through the lens of overall impression (not just footnotes).

In practice, this often shows up as higher scrutiny on:

• Headline/hero claims that may overstate benefits or certainty (especially in short-form formats)

• Prominence and placement of qualifications, fees, risks and key limitations

• Comparisons and “best/ranked/number one” style impressions

• Past performance / returns messaging and how it’s framed across digital placements.

PRACTICAL TAKEAWAYS FOR ADVERTISING, NATIVE AND COMMERCIAL TEAMS

When reviewing financial/credit advertising, native content, lead-gen or partner copy, consider tightening around:

• Overall impression check: ensure the main message can’t be read as stronger than what the advertiser can support.

• Qualifications & disclosures: confirm fees/risk/limits aren’t “buried” (especially for short-form, tiles, audio, and social).

• Past performance language: align any performance/return framing to the consolidated approach (as RG 53 is proposed to be folded into RG 234).

• Sponsored-style formats: keep boundaries crisp between information and commercial inducement; use clear labelling and avoid emotive “certainty” framing where products are complex.