The Australian Securities and Investments Commission has put credit providers on notice that it wants better disclosure in their advertising.ASIC said it was concerned about ads that promote features that may only be available in limited situations and ads that promote features without disclosing their cost. It is also concerned about the use of terms such as "independent", "impartial" and "unbiased".ASIC issued a consultation paper yesterday, indicating its approach to best practice for advertising credit products and services. In February, the regulator published guidance (RG 234) that applies to all types of financial product advertising, with the emphasis being on investment and risk products, and financial advice services.  The new consultation paper gives additional guidance on specific issues relating to credit.ASIC's position is that advertising has a role to play in ensuring consumers have the information they need to make financial decisions. The regulator's key requirement in RG 234 is that ads give a balanced message. It says: "We acknowledge that some product features will be more attractive to consumers than others and that there is a greater temptation for promoters to focus on these features. However, advertisements should give a balanced message about features, benefits and risks."ASIC said a common issue with credit product advertising was statements about benefits or features that may only be available in limited situations.Another common issue is the promotion of attractive features without disclosure of the fees that are payable to access those features.Reverse mortgages were singled out for special mention. ASIC wants consumers to understand the risks posed by the compounding of interest over time.The consultation paper gives more detailed guidance about the use of comparison rates in ads. Under the National Credit Code, where a credit advertisement contains an interest rate it must also contain a comparison rate that is no less prominent than the interest rate.It also warned credit providers about references to instant or very fast approval times, or approval with "no credit checks". The use of such terms may reflect practices that do not comply with responsible lending obligations.ASIC has called for submissions on the consultation paper and has set a deadline of August 6.