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Publisher’s super scare campaign ends in penalty
A Melbourne publishing company which published material suggesting the Government intended nationalising superannuation has been pursued by the Australian Securities and Investments Commission (ASIC) and made to pay a $21,600 penalty for conducting a misleading scare campaign.
The company, Port Phillip Publishing Pty Ltd, referenced a financial strategy dubbed the "Exodus Initiative" accessible by subscribing to its publication "Tactical Wealth".
The infringement notice issued by ASIC quoted a video published by the company as stating: "If you've got any interest in keeping the government away from your and your children's retirement savings then I ask you to do two things today. First take a 30 day trial of my newsletter and download the Exodus initiative now".
According to a statement issued by ASIC, the statements published by the company claimed that:
- the Australian Government intended to nationalise and take ownership of superannuation;
- and that because of this, the Australian public would be unable to access their retirement savings; and
- that consumers ought to consider strategies to protect their superannuation from being stolen by the Government by subscribing to an online publication of Port Phillip.
The statement said the statements had appeared in a PowerPoint video presentation and on the company's primary business website.
The ASIC statement said Port Phillip Publishing paid a penalty of $21,600 after ASIC issued two infringement notices for false and misleading advertising. Each infringement notice imposed a penalty of $10,800.
Port Phillip Publishing removed the statements prior to being notified of ASIC's concerns.
The ASIC statement noted that the payment of an infringement notice did not represent an admission of a contravention of the ASIC Act consumer protection provisions and that ASIC could issue an infringement notice where it had reasonable grounds to believe a person had contravened certain consumer protection laws.
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