Mortgage Choice fined over false savings claims Mortgage Choice has been fined for false advertising, after it wrongly claimed customers had saved an average of $10,000 over five years by refinancing their home loans. It fined the broker $30,600 for the infringements. The chief executive of Mortgage Choice, Michael Russell, said the company took its responsibilities to advertise in line with regulations "very seriously" and it would follow the watchdog's guidance in the future. "Mortgage Choice has fully co-operated with ASIC during their investigation and while we are disappointed with the end result, the matter has now been dealt with and we consider it to be finalised," Mr Russell said in a statement. The deputy chairman of ASIC, Peter Kell, said the regulator would continue take action against financial advertising that it judged to be false or misleading. "Advertising plays a crucial role in the decisions consumers make, and any claims made about savings a consumer might make need to be accurate and supported by evidence," Mr Kell said in a statement.