This case study relates to this blog post which raises concerns about lead generation in financial services, including the difficulty in identifying the advertiser (for example to report misleading advertising), and requiring the individual to provide significant personal information before anything can be ascertained about the business providing the service.
Compare-1 advertises on Facebook. Compare-1 don’t appear to have a financial services licence. The ads suggest that there is a new program, and suggests this program is time sensitive, saying “Australians over 40 Claim by October 1”.
Clicking the ‘Learn More’ button leads to questions to see if you “qualify”. Once you provide your contact details and financial information, your details are passed on to a financial advice firm.
Compare-1 has a website. The website claims that “Compare 1 is a referral service regulated by ASIC”, and notes that it receives referral commissions from third-party companies. An ASIC business name search shows that the business name Compare-1 is registered by Biz Leads Pty Ltd (ABN 75 660 614 675). Biz Leads website offers businesses “verified and qualified leads, noting that they “ask prospects a range of relevant questions and filter them based on their response”. They provides leads to a range of financial services (superannuation, mortgages, personal loans, debt relief) as well as solar installation and property investment.