Recently AYS updated the market that the Australian Competition and Consumer Commission (ACCC) has commenced proceedings against an Amaysim subsidiary, Amaysim Energy Pty Ltd (previously Click Energy Pty Ltd and trading as Click Energy) in respect to statements about discounts and savings of its energy products which it considers having contravened the false or misleading conduct provisions of the Australian Consumer Law. The Group is very serious about its regulatory obligations under Australian Consumer Law and has appropriate processes in place to ensure compliance.
In response to these claims, the Company rejected the claims and believes it has acted lawfully, ethically and in accordance with industry practice. Further, ACCC’s allegations relate to legacy Click Energy products which are no longer offered to the public. So, in order to work with the ACCC, Click Energy reviewed and improved its statements regarding discounts and savings and also amended its product constructs which were well ahead of recent changes to the National Energy Retail Law. Click Energy is committed to providing customers with transparent and competitive energy offerings. The Company cooperated with ACCC throughout its investigation and considers its decision to commence proceedings is a disproportionate response. As of now the case is before the Federal Court and the company will be unable to make any further comment. The stock price slipped by 10.3 per cent on ASX and was trading at $0.915 as on 10 July 2018; 03:00 PM AEST.
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