Spaceship and Tidswell penalised for promotional statements
Spaceship Financial Services and Tidswell Financial Services have each paid $12,600 in penalties following an Australian Securities and Investments Commissions (ASIC) investigation that found the superannuation promoter and trustee made false and misleading claims about their fundamental investment philosophy.
ASIC issued the infringement notices after concerns that the promotional statements made on Spaceship’s website prioritised marketing over accurate disclosure.
The statement read: “We will fight to get you the very best assets in your portfolio… We will measure companies in our portfolio based on their ability to provide defensibility of profits and high levels of product differentiation.”
ASIC said the statements mislead prospective members as 79 per cent of the fund was invested in index-tracking funds, which involved no qualitative analysis of the underlying companies.
ASIC deputy chair, Peter Kell, said the accurate promotion of superannuation products was critical to enable Australian consumers to make well-informed financial decisions.
“…Particularly in this case given the Spaceship Fund was specifically targeting young investors,” he added.
AUTHOR
Anastasia Santoreneos
Recommended for you
Data and technology provider Novigi has acquired Iress’ superannuation consulting and managed services business from Apex Group.
AMP is to launch a digital advice service to provide retirement advice to members of its AMP Super Fund, in partnership with Bravura Solutions.
Unveiling its performance for the calendar year 2024, AMP has noted a “careful” investment in bitcoin futures proved beneficial for its superannuation members.
SuperRatings has shared the median estimated return for balanced superannuation funds for the calendar year 2024, finding the year achieved “strong and consistent positive” returns.
