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ASIC acts on firm’s ‘free SMSF set-up’ claims

Reporter
04 May 2015 — 1 minute read

ASIC has commenced legal action in the Federal Court of Australia seeking financial penalties and orders to prevent one company from advertising free SMSF set-ups.

ASIC is attempting to prevent Superannuation Warehouse Australia Pty Ltd (SWA), from advertising "free SMSF set-up" on two websites: http://www.superannuationwarehouse.com.au and http://www.smsfwarehouse.com.au.

According to an announcement from ASIC this morning, SWA provides online accounting and administration services for SMSFs.

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ASIC alleges that SWA engaged in misleading or deceptive conduct in relation to financial services and made false or misleading representations when it promoted the free set-up of SMSFs on the websites without clearly disclosing that conditions and charges were associated with the 'free' set-up service.

In addition to declarations, injunctions and financial penalties, ASIC stated it is seeking orders requiring SWA to implement a compliance program and post notices on the websites and notify consumers who applied to SWA for the free SMSF set-up service about the proceedings.

The first hearing of the matter is listed for 8 May 2015, ASIC has said.

ASIC acts on firm’s ‘free SMSF set-up’ claims
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