The ACCC fined the comparison website Finder. Claims made on the site’s health insurance comparison tool were found to be misleading.
Find out about the Finder fines:
Finder also posted this explanation:
Have an opinion on the Finder issue? Please share it below.
It is great to see that the ACCC has finally taking on businesses which deliberately mislead consumers.
I just hope that the ASIC learns from this and also starts to move up a step with regards to the behaviour of financial organisations under its watch.
ASIC has been sleeping, where the ACCC is now wide awake.
How about recently mosaic brands were fined for misleading consumers during the pandemic in regards to face mask and sanitisers. It’s about time these businesses were clearly told i think the only way is a hefty fine just as they received.
It wasn’t hefty compared to their profits, it was a paltry fine in regards to those figures…and in regards to the Jobkeeper support they got.
It’s also not a personal conviction of the senior executives or directors of the business. The penalties are at arms length?
Corporate and business structures legally seperate the liabilities from the personal. It’s very different from how the law treats bad behaviour by the rest of the community. By exception ASIC occasionally hands out individual penalties. EG a ban on individuals holding directorships for a year or two. A slap on the wrist, or forced Long Service Leave?
More specifically western governments, in their unflinching support of private enterprise, long ago bought the premise that corporations had the characteristics of people when it benefited them, but only had the characteristics of a business when it benefited them.
As a result penalties for corporations rarely include responsibilities for bad acts being passed to culpable staff, and country dependent does not always include board members who knowingly did the wrong things. The internal mechanism is supposed to be the board and executive management taking care of it, but it has evolved into an old boys club in many cases where circling the wagons is the order of defence, and largely works. They emulate politics and government in some ways 
