With the ever-changing landscape of today’s marketplace, regulatory bodies are constantly reviewing and updating advertising guidelines to protect consumers. Just this year, the ACCC announced it would be ramping up its efforts to penalise businesses that were found guilty of misleading conduct or data breaches.
According to an ABC report: “Under new laws before Parliament, the penalty for consumer breaches by a company will rise from $1.1 million to $10 million, or 10 per cent of turnover.”
The change in laws will affect all brands that are non-compliant. Nonetheless, businesses in highly regulated industries will need to go the extra mile to ensure their marketing efforts are in line with industry standards. After all, if a breach is discovered, your brand not only faces larger fines, it will also take a hit to its reputation.With this, here’s our best practices for maintaining your marketing compliance in a tightly regulated industry.