The Findex Group has been fined $10,800 for describing itself as independent.

Between August and December last year it published several representations on its website referring to its advice services as “independent” and “non-aligned”.   

The Australian Securities and Investments Commission (ASIC) says it was concerned the wording could lead consumers to believe services were not affected by conflicts of interest such as commissions.

It says services offered were, in fact, likely to be affected by commissions or other benefits received from the issuer of recommended financial products and conflicts of interest arising from the group’s associations or relationships with issuers.

The company removed the mention of “independent” services after being contacted by the regulator.

“The accurate promotion of financial services, particularly about the issue of independence, is critical for consumers to make confident and informed financial decisions,” ASIC Deputy Chairman Peter Kell said.

“This action puts the financial services sector on notice that ASIC is serious about tackling the inappropriate use of the term ‘independent’.”