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.

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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.