POWERED BY MOMENTUM MEDIA
Media Super cops fine for false advertising
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.
AUTHOR
Staff Writer
Money Management staff writers are writers who contribute to the website from time to time. If you would like to discuss the content contained within this article please contact us.
Recommended for you
The two funds have announced the signing of a non-binding MOU to explore a potential merger.
The board must shift its focus from managing inflation to stimulating the economy with the trimmed mean inflation figure edging closer to the 2.5 per cent target, economists have said.
ASIC chair Joe Longo says superannuation trustees must do more to protect members from misconduct and high-risk schemes.
Super fund mergers are rising, but poor planning during successor fund transfers has left members and employers exposed to serious risks.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
88.01 3 y p.a(%)
2
Global X 21Shares Bitcoin ETF
72.60 3 y p.a(%)
3
Global X GlobalX FANG+ ETF
44.24 3 y p.a(%)
4
Pengana High Conviction Equities B
40.36 3 y p.a(%)
5
Pengana High Conviction Equities A
40.34 3 y p.a(%)
