Virgin Money Australia faces a $30,600 fine for using misleading ads.

The Australian Securities and Investments Commission has issued a fine against Virgin Money Australia for using misleading content in its insurance advertisements. 

The financial services firm will pay A$30,600 ($28,300) in penalties for three infringement notices filed against it, with each notice amounting to a A$10,200 fine. The "misleading representations" related to the promotion of the firm's "Quick & Easy" life insurance product, which appeared on TV until May 2013 and online until March 2014. 

In one its ads, Virgin said that "no health or lifestyle questions" would be asked, when in fact the application form contained specific health and lifestyle questions, which were to be used to calculate premiums. 

"Purchasing life insurance is an important decision and consumers should be able to confidently rely on representations made to them in advertising," said Peter Kell, ASIC deputy chairman, in a statement.

ASIC has taken action against six organisation for misleading advertising in 2014, with penalties reaching over A$120,000.