Charter FP practice hit with fine for misleading representation.
A Victorian based financial planning practice within AMP owned Charter Financial Planning has paid a $10,200 penalty after the Australian Securities and Investments Commission found it made misleading representations in an article on its website.
Australian Financial Planning Solutions, based in Hawthorn in Victoria, was issued an infringement notice by ASIC for making false or misleading representations in an article titled "Benefits of a self-managed super fund" that appeared on practice’s website for five months in the second half of 2014.
ASIC stated it was concerned the article “contained misleading and unsubstantiated claims that major retail and industry superannuation funds will experience payout difficulties”.
It also stated the article “misrepresented the taxation implications of self-managed superannuation funds (SMSF) compared to major retail and industry superannuation funds, by giving the impression that certain tax benefits only apply to SMSFs, when they actually apply to most superannuation funds”.
As a result of ASIC’s concerns AFPS has removed the statements from its website with ASIC deputy chair Peter Kell stating consumers should be able to trust information provided by advice firms when making investment and superannuation decisions.
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