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
Superannuation Warehouse, an SMSF administration business, has been fined and had conditions imposed by the Federal Court of Australia, relating to statements on its website which were false, misleading or deceptive.
SMSF administrator Dixon Advisory has been fined $20,400 by ASIC for potentially misleading claims about the benefits of SMSFs on its website.
Financial services firm Omniwealth Services Pty Ltd has been fined by ASIC for potentially misleading, SMSF related, advertising.
BT Funds Management Ltd has been fined $20,400 by ASIC for misleading statements in superannuation advertisements.
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.”
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.
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 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