A hot topic this week was the news that ASIC fined Media Super – an industry super fund for print, media, entertainment and arts professionals – $10,200 for producing an incorrect factsheet about the costs and risks of an SMSF compared to its own fund.
ASIC was concerned the factsheet, posted on its website and sent to around 110,000 members, could potentially be misleading. The error was the omission of a component of Media Super’s fees, which Media Super – which stated on its website that ASIC “over-reacted” – said was accidental.
It seems Wealth Professional
readers thought the penalty was well-deserved, with Mel writing “Finally !!!!! Now how about ‘compare the pair’?”
Alistair welcomed a new dawn, saying “ASIC needs to wake up from their slumber and hey it looks like maybe it is. These jokers in the ISN have been getting away with misrepresentation for far too long”.
Tash wrote: “And they weren't required to inform the 110,000 members that they had received bad info? The other funds will be writing $10,000 cheques and sending anything they like to members, as long as they then withdraw it from the website!"
And veteran commentator Innocent Observer wrote “$10,200 well spent by the propaganda machine. Well played Media Super, well played....”
Read the story and comments here.