POWERED BY MOMENTUM MEDIA
Omniwealth pays $10,200 infringement penalty
Omniwealth Services has complied with an infringement notice issued by the Australian Securities and Investments Commission (ASIC) and has paid a $10,200 penalty.
ASIC raised concerns after it found a page the wealth advisory group's website had potentially misleading claims regarding investing in property in a self-managed super fund (SMSF).
The regulator found the page did not give a balanced message about the returns, benefits and risks of investing in property in a SMSF, and the uncertainty of forecasts.
The page compared the performance of a geared property investment within a self-managed super fund to an ungeared equity investment within a SMSF. It was also promoted through Omniwealth chief executive's social media page with a statement that investing in property in SMSF has taxation, leverage, and diversification advantages.
Commenting on the infringement ASIC deputy chair, Peter Kell, said making appropriate investment decisions is one of the most important responsibilities of SMSF trustees
"ASIC is determined that SMSF trustees get accurate information and are not misled by advertising, including on websites and through social media," he said.
Omniwealth has removed statements from its website and related social media profiles and has fully cooperated in responding to ASIC's concerns.
ASIC's SMSF Taskforce was established in 2012 as a response to growth in SMSFs. The advertising to SMSF trustees or potential trustees through social media has been a recent specific focus of the Taskforce.
Recommended for you
The impact of identity theft and its threat to superannuation savings were highlighted in a case that went before the Federal Court at the end of 2023.
A recent NSW Supreme Court decision is an important reminder that while super funds may be subject to restrictive superannuation and tax laws, in essence they are still a trust and subject to equitable and common law claims, says a legal expert.
New research from the University of Adelaide has found SMSFs outperformed APRA funds by more than 4 per cent in 2021–22.
The SMSF Association has made a number of policy recommendations for the superannuation sector in its pre-budget submission to the government.
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(%)
