The Australian Securities and Investments Commission has commenced civil proceedings in the Federal Court against the comparison site.
The corporate regulator has sued a subsidiary of Finder.com, alleging the comparison website provided illegal financial advice and put customers at risk of harm by offering its now-defunct crypto product Finder Earn without a financial services licence.
Though Finder is licensed to provide financial services as a representative of Centra Wealth, a disclaimer on the Finder website explained that its Earn product was not offered under that or any other licence. “This is because customers deposited money with Finder Wallet on the understanding that their money would ultimately be repaid, together with a return for allowing Finder Wallet to use their capital,” ASIC said.
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