Aggregator responds to ASIC probe reports

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Price comparison website iSelect has responded to reports that ASIC is investigating the listed company which recently admitted it had missed its revenue target.

iSelect was ordered to produce a bundle of documents relating to an announcement it made 29 August, in which it disclosed it achieved $118m revenue, 2.9% below its $121.6m target as stated in the prospectus.

BusinessDay obtained an ASIC notice which requested iSelect hand its investigators financial records, meeting minutes and emails relating to the announcement made on 29th.

In a statement issued yesterday, iSelect said it would “fully cooperate” with ASIC.

“The company takes its regulatory obligations seriously. It has and will continue to fully cooperate with ASIC regarding the information request it received on 6 September.”

It stressed: “The company notes that ASIC’s information request states it should not be construed as an indication by ASIC that a contravention of the law has occurred.

“The company remains of the view that it has fully complied with all of its regulatory obligations.”

iSelect listed on ASX on 24 June.

Read BusinessDay’s full story here.

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