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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.
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