ASIC cracks down on SMSF social media advertising

ASIC is cracking down on potentially misleading advertising of SMSFs on social media. Three companies have removed or amended potentially misleading claims about SMSFs in social media advertising after ASIC raised concerns. These include representations on a Facebook page: Get yourself a SMSF for your Super – from $99, fully advised. No industry fund can… Continue reading ASIC cracks down on SMSF social media advertising

ASIC commences court action on free SMSF set up claims

ASIC has commenced legal action in the Federal Court of Australia against a business claiming to offer free SMSF set up. ASIC is “seeking financial penalties and orders to prevent Superannuation Warehouse Australia Pty Ltd (SWA), from advertising “FREE SMSF SETUP” on two websites, http://www.superannuationwarehouse.com.au and http://www.smsfwarehouse.com.au.”

Financial adviser fined by ASIC for misleading SMSF claims

ASIC has imposed $10,200 in penalties on a financial planning practice for potential false or misleading representations about the benefits of SMSFs. ASIC was concerned that an article on the Australian Financial Planning Solutions Pty Ltd website titled “Benefits of a self-managed super fund” could be false of misleading.

Misleading lost super finder fined by ASIC

ASIC has issued $20,400 in penalties relating to a potentially misleading offer to locate lost superannuation. Consumers using the Good Super website to locate their lost superannuation may have found not only their lost super rolled-over to the Good Super fund, but also the superannuation with their current fund.

ASIC fines SMSF administrators for misleading statements

ASIC has imposed penalties on two SMSF administrators for ‘false or misleading’ statements, Esuperfund and Your Super Accountant. Esuperfund ASIC imposed a total of $ 30,600 in penalties on SMSF administrator Esuperfund for “false or misleading online advertising”. The three penalties, each for $10,200, relate to statements on the Esuperfund website during 2014. First Infringement Notice On… Continue reading ASIC fines SMSF administrators for misleading statements