Media Super busted for false advertising
Media Super has paid a $10,200 penalty after producing potentially misleading advertising, according to the Australian Securities and Investments Commission (ASIC).
The advertising in question dates back to September 2012, when Media Super published their ads as a factsheet titled ‘Self-managed super? You be the judge'.
The ad, which appeared on Media Super's website and was sent out to all fund members, compared the costs and benefits of self-managed super funds (SMSFs) with the Media Super fund.
ASIC was concerned that the factsheet inaccurately represented the costs and benefits of Media Super versus SMSFs.
"ASIC is serious about making sure investors can be confident and informed and that means cracking down on misleading or inaccurate advertising," said ASIC Commissioner Greg Tanzer.
He added Media Super acted quickly to remove the statements from the website, and fully cooperated in responding to ASIC's concerns. The regulator noted, however, that the payment of the infringement notice was not an admission of a contravention of the ASIC Act consumer protection provisions.
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