The Australian Securities and Investment Commission announced yesterday it had issued infringement notices to both National Australia Bank and Westpac as part of a continuing crackdown on potentially misleading advertisements.In NAB's case, as the Australian financial services licensee for UBank, it has been hit with $40,800 in penalties after ASIC issued four infringement notices over the promotion of a UBank home loan product. Each infringement notice imposed a penalty of $10,200.The misleading representations were made in an advertising campaign promoting a $2,014 eftpos gift card on offer for bank customers taking out a home loan with UBank. The advertisements with headline statements, including 'The BEST $2014 EVER' and 'Own $2014' appeared in newspapers, radio and online from late December 2013 to early March 2014 and in digital screens on escalators from late January 2014 to February 2014.ASIC was concerned that some details of UBank's offer were not disclosed at all, or were not disclosed in a clear and prominent manner. These conditions included: the minimum loan amount was $350,000 there was a requirement to use an electronic settlement process for refinanced loans all documents were to be provided within five days, and the number of consumers eligible to receive the offer was to be capped.ASIC's concerns led to UBank providing a $2,014 gift card to all consumers who applied for a loan during the relevant period and subsequently settled their loan.Westpac found different way to draw ASIC's ire, through statements made in a product disclosure statement and other promotional material for the Westpac Annuity Deposit, a product offered to retail investors planning for retirement.The regulator expressed concerned over Westpac's potential to misled consumers by representing that the interest rate, known as the 'earnings rate', was calculated on the principal amount invested. In reality, the rate was only applied to the balance of the principal which could reduce throughout the term of the investment. For these statements, ASIC said it had issued two infringement notices to Westpac, each with a penalty of $10,200.Westpac issued a new PDS and promotional materials. These two actions bring ASIC's tally for actions taken over potentially misleading advertising into double figures (NAB was number ten), although firms caught out before these latest actions have, in general, been at the smaller end of the spectrum.