ASIC has raised concerns with Industry Super Australia's 'Compare the pair' advertising campaign, causing the lobby group to agree to a series of amendments.
In a statement released today, ASIC announced that ISA will change its advertising campaign in response to the regulator’s voiced concerns.
“ASIC was concerned that consumers may be misled by the advertisements that ran from February to May this year,” said ASIC commissioner Greg Tanzer.
“We are pleased that ISA has worked cooperatively with ASIC and put forward a suitable proposal to address our concerns.”
ISA has agreed to “clarify the terms ‘Average Retail Super Fund’ and ‘Average Industry Super Fund’ by providing details about the samples used in the comparison, including the number of retail and industry funds in the samples, andinclude a voiceover clarifying that past performance is not a reliable indicator of future performance”, the statement said.
Advisers need to ensure they don’t get too caught up in regulatory changes and forget about their current obligations, ...
Andrew Bragg has called for close scrutiny of the regulatory architecture, partly inspired by the rocketing ASIC levy ...
The company, which was haemorrhaging close to $100 million before tax just three years ago, has successfully navigated ...
Never miss the stories that impact the industry.
Get the latest news! Subscribe to the ifa bulletin