Industry fund ads to return, minus ASIC cuts
The television advertising campaign sponsored by a number of industry superannuation funds under the auspices of Industry FundServices (IFS) will resume after being taken off air as a result of action initiated by the AustralianSecurities and InvestmentsCommission (ASIC).
IFS managed to get the advertisements back on air after agreeing to a number of key changes.
ASIC had earlier expressed concern that consumers might have been confused by the advertisements, particularly projections on retirement pay-outs and future fund balances.
A key element to the IFS approach was that it agreed to make the changes to the advertisements without accepting the validity of ASIC’s original concerns.
Commenting on the move, ASIC deputy chairman Jeremy Cooper said that all advertising about choice of superannuation funds had to be clear, accurate and unambiguous with the correct level of detail set out for consumers.
It is understood ASIC queried the nature of the IFS advertisements after concerns were raised by the Investmentand Financial ServicesAssociation.
