ASIC expectation of private service providers
Where private services providers interact with our customers, we expect that they operate transparently, fairly and honestly in their business practices.
Below is a list of practices that we expect private service providers to adopt:
Clearly explain who you are
- Set out your name, Australian Business Number (ABN) and contact details on your communications such as letters and website. Your contact details should include your principal business address.
- You should ensure customers understand they are not interacting directly with ASIC.
Set out your fees
- Ensure that information given to customers about fees clearly show the separate fees for fees charged by ASIC and any service fees.
- Only offer to provide a service that you are capable of providing at the time. For example, you cannot renew a business name registration earlier than 2 months before the expiry date, therefore you must not mislead a customer into thinking you can renew the registration earlier.
- Ensure you have written consent from customers prior making to change any contact information on ASIC records.
Do not use marketing that may mislead customers
- Use accurate and lawful marketing and promotion of your services.
- Make sure marketing products do not confuse customers into thinking they are dealing with a government agency.
- Do not operate under a business name that may make customers think ASIC endorses or authorises your services. For example, you must not use words such as ‘ASIC’ or ‘Business Name’ in your business name.
- Ensure that the words or images that you use do not suggest that you are authorised or endorsed by ASIC.