Industry super fund fined

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ASIC has penalised an industry super fund for producing adverts which could mislead consumers.

Media Super Limited has paid a $10,200 penalty to comply with an ASIC infringement notice after producing potentially misleading advertisements.

Media Super, an industry super fund for print, media, entertainment and arts professionals, published the ads as a factsheet in September 2012.

The factsheet called ‘Self-managed super? You be the judge’, compared the costs and benefits of self-managed super funds with the Media Super fund.

It appeared on Media Super’s website and was sent to all fund members, of which according to Media Super there are more than 110,000.

ASIC was concerned the factsheet inaccurately represented the costs and benefits of the Media Super funds compared to self-managed super funds.

ASIC Commissioner Greg Tanzer said ASIC is serious about making sure investors can be confident and informed.
“That means cracking down on misleading or inaccurate advertising.”

Media Super acted quickly to remove the statements from its website once approached by ASIC, and had fully cooperated in responding to ASIC's concerns, Tanzer said.

ASIC can issue an infringement notice where it has reasonable grounds to believe a person has contravened certain consumer protection laws.

The payment of an infringement notice is not an admission of a contravention of the ASIC Act consumer protection provisions.