The Australian Securities and Investments Commission has commenced Federal Court proceedings against Clark Family Pty Ltd, alleging its loan and insurance websites falsely claimed to compare products from multiple providers and offer recommendations tailored to consumers’ needs. ASIC contends the company instead sold each consumer inquiry through an internal bidding process to the highest bidding broker, which then contacted the consumer directly. Clark Family allegedly operated up to 70 websites offering free online assessments between September 2020 and September 2026. ASIC alleges the conduct breached the Australian Securities and Investments Commission Act 2001 and is seeking declarations, pecuniary penalties, an adverse publicity order and injunctive relief.
2026-09-18Australian Securities & Investments Commission
Australian Securities and Investments Commission sues Clark Family over allegedly misleading loan and insurance comparison websites
The Australian Securities and Investments Commission has sued Clark Family Pty Ltd, alleging that up to 70 loan and insurance websites falsely offered product comparisons and tailored recommendations. ASIC claims consumer inquiries were instead sold to the highest bidding broker and is seeking penalties and other court orders.