Firm who inaccurately represented the costs and performance of SMSFs hit with fine

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An interstate financial advice and mortgage broking firm has been hit with more than $20,000 in fines from the Australian Securities & Investment Commission (ASIC) after making misleading claims about self-managed super funds (SMSFs).

According to ASIC, Dixon Advisory Group’s website included a page which compared the costs and performance of SMSFs to industry and retail super funds.

It also included a promotional video which made claims in relation to an independent review of the superannuation system, which was subsequently shared on the firm’s social media accounts.

However, ASIC says that the web page and video inaccurately represented the costs and performance of SMSFs compared to industry and retail superannuation funds.

As a result, Dixon Advisory has had to pay two $10,200 penalties to the regulator.

“ASIC is determined that all consumers including those considering a self-managed approach to their super get accurate information, and are not misled by any form of advertising, including online and through social media,” ASIC deputy hair Peter Kell said.

“Any comparisons between SMSFs and industry and retail funds, particularly regarding performance or fees, must be accurate and have a reasonable basis. Any qualification should be apparent to a consumer when they first see the information.”

Last month, ASIC released two information sheets to improve the quality of advice provided by advisers on SMSFs after announcing SMSFs will be a key surveillance priority.

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