The Australian Securities and Investments Commission (ASIC) has fined Virgin Money $30,600 for three instances of misleading advertising.

The advertisements, relating to the Quick & Easy life insurance product, appeared on TV until May last year and online until last month.

The first charge relates to a TV ad that stated there were no health or lifestyle questions for applicants. It also claimed weight was not a factor in underwriting of the product. 

ASIC says this was misleading because the online application asked about smoking habits, with the answers determining premiums.

It says the weight statement was also misleading because the product was not available to people with a body mass index above 40, or to those who had suffered certain illnesses in the past five years.

The regulator says the claims were repeated in another TV campaign and also on Virgin Money’s website.

ASIC Deputy Chairman Peter Kell says consumers should be able to rely on representations made in life insurance advertising.