Business News

ASIC halts false SMSF ads on social media

The corporate watchdog has cracked down on three instances of potentially misleading SMSF advertising on social media.

Urban Seed Project Marketing, Skybridge Portfolios and Tatnell DLS have taken steps to remove or amend the advertising in question.

The Skybridge Facebook page included representations such as: “Get yourself a SMSF for your super – from $99, fully advised. No industry fund can compete with this” and “Want your super fund to replace your current income from work? You need to look at a SMSF – highest account balances out of all super funds”.

Tatnell’s YouTube videos included representations favourably comparing SMSFs to other super funds without explaining or referencing the range of factors that contribute to whether an SMSF is better performing or lower in cost than industry and retail funds.

Ads regarding financial products, including SMSFs, should give a balanced message about the returns, features, benefits and risks associated with a product, the regulator said.

In addition, they should not draw comparisons with other products without qualification or substantiation, it said.

In the case of Urban Seed, its YouTube videos linked to a promotional website, which included representations about “SMSF qualified” and “SMSF friendly” properties available for sale, it said.

Skybridge, Urban Seed and Tatnell had all removed the relevant posts and videos, and had ensured future marketing on social media would undergo appropriate review and approvals processes, the regulator said.

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