SMSF specialist financial planning firm Dixon Advisory has paid two Australian Securities and Investments Commission (ASIC) infringement notices totalling $10,200.
Both infringement notices were issued to Dixon Advisory for running potentially misleading claims about SMSFs.
One area of concern for the corporate regulator was information on the Dixon Advisory website comparing the costs and performance of SMSFs to both industry and retail superannuation funds.
The second item ASIC was alarmed over was a promotional video appearing on the Dixon Advisory website and some of its social media pages that made claims in regard to an independent review of the superannuation system.
Upon assessment of the two items, the regulator felt both sets of material were inaccurate in their depiction of the performance and costs associated with SMSFs.
ASIC has stipulated Dixon Advisory was cooperative throughout the process and had removed the information deemed misleading from both its website and social media channels.
“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.”