Media Super cops fine for false advertising

7 January 2014
| By Staff |
image
image
expand image

Media Super has paid a $10,200 fine after publishing advertisements in the guise of factsheets, according to the Australian Securities and Investments Commission (ASIC).

Media Super published a factsheet called "Self-managed super? You be the Judge", which compared the costs and benefits of self-managed super funds (SMSFs) with the fund.

ASIC was concerned the factsheet did not properly represent the costs and benefits of the company's funds compared to SMSFs.

ASIC Commissioner Greg Tanzer said Media Super had removed the statements from its website once approached by ASIC, and had fully cooperated in addressing ASIC's concerns.

"ASIC is serious about making sure investors can be confident and informed and that means cracking down on misleading or inaccurate advertising," Tanzer said.

ASIC noted however that the payment of an infringement notice was not an admission of a contravention of the ASIC Act consumer protection provisions.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest developments in Super Review! Anytime, Anywhere!

Grant Banner

From my perspective, 40- 50% of people are likely going to be deeply unhappy about how long they actually live. ...

11 months ago
Kevin Gorman

Super director remuneration ...

11 months 1 week ago
Anthony Asher

No doubt true, but most of it is still because over 45’s have been upgrading their houses with 30 year mortgages. Money ...

11 months 1 week ago

Jim Chalmers has defended changes to the Future Fund’s mandate, referring to himself as a “big supporter” of the sovereign wealth fund, amid fierce opposition from the Co...

1 day 6 hours ago

Demand from institutional investors was the main driver of growth in Australia’s responsible investment (RI) market in 2023, as the industry continued to gain momentum....

1 day 6 hours ago

In a new review of the country’s largest fund, a research house says it’s well placed to deliver attractive returns despite challenges....

1 day 7 hours ago