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AMP-aligned practice fined for misleading advertising

A Victoria-based financial advice practice has paid $10,200 in ASIC penalties for misleading representations on their website.

 Australian Financial Planning Solutions (AFPS) – an authorised representative of Charter Financial Planning – was issued the infringement notice after an ASIC investigation, according to a statement from the regulator.

ASIC's concerns related to false or misleading representations made in an article titled 'Benefits of a self-managed super fund' that appeared on AFPS's website between 22 July and 4 November 2014,” the statement said.

ASIC was concerned the article contained unsubstantiated claims about major retail and industry superannuation funds experiencing payout difficulties and that the article misrepresented the taxation implications of SMSFs.

Deputy chairman Peter Kell said it was a question of consumer trust.

Consumers should be able to trust the information provided by financial firms when making decisions about their investments, including superannuation,” he said.