ASIC has fined an industry super fund for producing adverts that they have deemed to be misleading.
Media Super Limited, an industry super fund for print, media, entertainment and arts professionals, published the controversial ads in question as a factsheet in September 2012. The factsheet titled Self-managed super? You be the judge, compared the costs and benefits of self-managed super funds with the Media Super fund and was posted on their website. It was also sent to all 110,000 Media Super fund members.
ASIC was concerned that the factsheet inaccurately represented the costs and benefits of the Media Super funds compared to self-managed super funds and subsequently Media Super Limited has paid a $10,200 penalty to comply with the ASIC infringement notice.
Greg Tanzer ASIC Commissioner has said that “ASIC is serious about making sure investors can be confident and informed. That means cracking down on misleading or inaccurate advertising.”
Media Super has removed the statements from its website and Tanzer said that, “ASIC can issue an infringement notice where it has reasonable grounds to believe a person has contravened certain consumer protection laws.”