Dixon Advisory fined by ASIC

Fined a total of $20,400 for "potentially misleading claims" on its website, ASIC said it was concerned that information displayed on the firm's website "inaccurately represented the costs and performance of SMSFs compared to industry and retail super funds".

The website, according to ASIC, compared the costs and performance of SMSFs to industry and retail superannuation funds.

ASIC also said Dixon Advisory's website also included a promotional video which made claims in relation to an independent review of the superannuation system. The video was posted on some of Dixon Advisory's social media pages.

"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 Chair 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," he said.

Dixon Advisory has removed the statements and video from its website and related social media profiles, and has fully cooperated in responding to ASIC's concerns.