The Australian Securities and Investments Commission said a review had found "potentially false and misleading statements" in the advertising for an insurance scheme run by One Big Switch last year.

These included:

·      Advertising a "price beat guarantee" without including relevant conditions such as a minimum age requirement

·      Advertising a "30% saving on life insurance" when the pricing was heavily dependent on the health of the applicant.

·      Advertising car insurance with an email titled "could you save $600, and lock it in for two years?" when that saving was not necessarily representative.

One Big Switch campaign director Joel Gibson said the review had found "some potential concerns with a very small number of the thousands of communications One Big Switch produces annually".

"One Big Switch takes its licensing requirements extremely seriously and works hard to ensure all our advertising materials comply with these requirements," he said.

"One Big Switch has responded to these concerns, and will continue to strive to ensure all of our communications and advertising material meet the high standards our members expect."

Former Rudd adviser Lachlan Harris launched one Big Switch in 2011. It operates by gathering members into large groups to improve their collective negotiating position. It has previously run campaigns on mortgages, electricity, gas and solar panels.

Mr Murdoch's News Corp purchased 20 per cent of the company earlier this year, and the insurance campaign enjoyed the enthusiastic support of Murdoch's Australian newspapers.

News Corp and One Big Switch stood to earn a commission from those who accepted the offer they were able to negotiate.

More than 74,000 consumers signed up for the campaign. ASIC raised concerns about the program, and the company sought an Australian financial services license.

As part of the license, ASIC required One Big Switch to appoint a consultant to ensure compliance. The potentially misleading statements were uncovered by the consultant, Kemp Strang Lawyers.

A statement from ASIC said One Big Switch had "agreed to improve its compliance with ASIC's guidance on advertising, including ensuring ads do not contain misleading statements, and any claims made are appropriately qualified."

"In a time when household budgets are tight, offers of group discounts can be attractive to consumers," said ASIC Deputy Chairman Peter Kell.

"ASIC wants to ensure those making the claims are appropriately licensed and complying with important consumer safeguards."

"ASIC will not tolerate promoters' failure to comply with the law."

A News Corp spokesman declined to comment.