LT Management has paid a $10,800 infringement notice penalty after the corporate regulator found it made potentially misleading statements about the cost of setting up a self-managed superannuation fund (SMSF) using the services of RS Capital Partners, trading as My SMSF Property.
The Australian Securities and Investments Commission (ASIC) was concerned about the representations made by LT Management on the website www.silverhall.com.au (Silverhall) between August 2015 and March 2016.
ASIC said the representations indicated that establishing an SMSF was free, when in fact the conditions that applied to the ‘free’ set-up were not clearly disclosed on the website.
“The conditions for ‘free’ SMSF set-up included buying a property directly through Silverhall and using the accounting services of RS Capital for 24 months at a cost of $2,200,” ASIC said.
ASIC deputy chairman, Peter Kell, said: “Accuracy in advertising is integral to maintaining consumer trust and confidence in the SMSF sector. Such conditions should be clearly stated so that consumers can make an informed decision”.
ASIC acknowledged that LT Management immediately took steps to correct its advertising.
In August 2016, RS Capital also paid a $10,800 infringement notice penalty on the same representation on the ‘free’ set-up of an SMSF.
