POWERED BY MOMENTUM MEDIA
Industry fund pays $12,600 over ‘independent advice’
Industry fund HostPlus has paid a $12,600 infringement notice penalty for making misleading claims about offering “independent advice”.
The Australian Securities and Investments Commission (ASIC) announced the imposition of the infringement notice today noting that the claims about “independent advice” had been contained with in a recorded message on the fund’s consumer telephone number.
ASIC said that from at least July, 2016, to late March 2018 the recorded telephone message ferred to a free consultation available to members with an Industry Funds Services licensed financial planner. It then referred to the advice as independent.
It said that following a complaint, ASIC had had investigated and had become concerned that HostPlus and IFS were not independent of each other because HostPlus employees were appointed as authorised representatives to provide financial advice under the IFS license.
ASIC said that HostPlus had immediately removed the word “independent” from its telephone message.
Recommended for you
APRA’s latest data has revealed that superannuation funds spent $1.3 billion on advice fees, with the vast majority sent to external financial advisers.
Cbus Super has unveiled Advice Essentials Plus, a new service offering affordable financial advice to both members and their partners.
The fund has launched a new tool to help deliver personalised financial education and digital personal advice to eligible members.
The QAR lead reviewer has told a Senate committee that the government’s demands of super funds conflict with their original purpose.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Spire Oaktree Opportunities XI Second Close
61.07 3 y p.a(%)
2
Spire Oaktree Opportunities XI First Close USD
59.21 3 y p.a(%)
3
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.56 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
31.06 3 y p.a(%)
5
DomaCom 4/27 Crombie Avenue Bundall QLD 4217 Australia
26.81 3 y p.a(%)
Seriously??? A fund with 1million plus members and more than $33bn in FUM.
What a ridiculous fine amount.
Is anyone surprised why no one takes asic seriously???