The Australian Securities and Investments Commission’s (ASIC) self-managed superannuation fund (SMSF) taskforce has stopped potentially misleading social media advertising from three firms.
Urban Seed Project Marketing, Skybridge Portfolios, and Tatnell DLS have taken steps to remove or amend the potentially misleading representations about SMSFs, following the investigation.
Urban Seed’s YouTube videos linked to a promotion website which included representations about “SMSF qualified”, and “SMSF friendly” properties available for sale.
ASIC was concerned the promotion website suggested there was a category of property particularly suited to investment through an SMSF. Whether or not property is suitable for purchase through an SMSF with depend on the investment strategy of the SMSF purchasing the property and the circumstances of the purchase.
Skybridge’s Facebook page included representations such as “Get yourself a SMSF for you Super — from $99, fully advised. No industry fund can compete with this”, and “What your Super Fund to replace your current income from work? You need to look at a SMSF — highest account balances out of all Super Funds”.
Tatnell’s YouTube videos included representations favourable comparing SMSFs to other super funds without explaining or referencing factors that would contribute to whether an SMSF is better performing or lower cost to consumers than industry and retail funds.
ASIC was concerned that Skybridge and Tatnell were potentially misleading about the benefits, risks, and costs associated with SMSFs.
Commenting, ASIC deputy chair, Peter Kell said “Accuracy in advertising is integral to maintaining consumer trust and confidence in the SMSF sector. ASIC will continue to take action where we see advertising that might mislead consumers, whether that advertising is on social media or more traditional media”.
