ASIC fines Chapter Two Holdings for misrepresenting debt management outcomes offered to consumers

The Australian Securities and Investments Commission (ASIC) has issued two infringement notices totalling $37,560 to debt management company Chapter Two Holdings Pty Ltd for alleged misleading statements made on its website. 

Between 1 August 2023 and 14 March 2024, Chapter Two’s website included statements that the company had wiped $80 million in debt and saved consumers $30 million in interest, statements which ASIC alleges are misleading. 

ASIC alleges that these statements were false or misleading as Chapter Two was not able to substantiate the figures, nor was there a reasonable or evidence-based justification for the statements. 

The statements were removed from the website on 14 March 2024. 

ASIC currently also has proceedings underway against debt management firm, Bakken Holdings Pty Ltd (trading as Solve My Debt), following concerns of substantial consumer harm (23-212MR).