ASIC reviewing Industry Super Network's advertising
The Federal Opposition has succeeded in having the Australian Securities and Investments Commission (ASIC) review some of the Industry Super Network's "compare the pair" television advertising.
The regulator gave the undertaking after the matter was raised within a Parliamentary Committee by Tasmanian Liberal Senator, David Bushby, who pointed to an upsurge in the number of television advertisements appearing and asked ASIC officials whether they were doing anything about it.
"I would be very interested in knowing whether you have taken any interest in those [advertisements] and, if you have, whether you have taken any action or will look into it," he said.
ASIC senior executive officer Warren Day asked Bushby whether he was aware of any of the industry fund advertisements which did not comply with the guidance issued by the regulator.
The Senator said the advertisements did not appear to contain the figures regarding the assumptions that were previously in the advertisements.
ASIC chairman Greg Medcraft agreed to take Senator Bushby's question on notice, saying he was neither aware of any problems, nor had he been briefed on any issues associated with the industry super funds advertising.
AUTHOR
Mike Taylor
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