SMSF site hit for wonky comparison
Self-managed super firm Omniwealth will pay a $10,200 penalty for including potentially misleading claims on its website.
ASIC laid the fine on Omniwealth Services Pty Ltd after an investigation of its site, which included a page on the advantages of investing in property within a self-managed super fund (SMSF).
The page compared the performance of a geared property investment within a self-managed super fund to an ungeared equity investment within a self-managed super fund.
It was promoted through the social media profile of Omniwealth's CEO with a statement that investing in property in a self-managed super fund has taxation, leverage and diversification advantages and included a link to the Omniwealth webpage's related article.
ASIC says the webpage did not give a balanced message about the returns, benefits and risks of investing in property in a self-managed super fund, and in particular that the uncertainty of forecasts was not made clear.
“Making appropriate investment decisions is one of the most important responsibilities of SMSF trustees. ASIC is determined that SMSF trustees get accurate information and are not misled by advertising, including on websites and through social media,” said ASIC Deputy Chair Peter Kell said.
ASIC encouraged other financial services providers using social media to review their content and consider its guidance on promoting financial products and advice services in Regulatory Guide 234 Advertising financial products and advice services including credit: Good practice guidance. (RG 234)
Omniwealth has removed the statements from its website and related social media profiles and has fully cooperated in responding to ASIC's concerns.
The payment of an infringement notice is not an admission of a contravention of the ASIC Act consumer protection provisions.