According to an ASIC announcement this afternoon, Dixon Advisory Group Limited has complied with two ASIC infringement notices, paying two $10,200 penalties after including potentially misleading claims on its website.
The website included a page on the benefits of self-managed super funds. This page compared the costs and performance of SMSFs with industry and retail superannuation funds, ASIC stated.
Dixon Advisory's website also included a promotional video which made claims in relation to an independent review of the superannuation system, ASIC said. The video was posted on some of Dixon Advisory’s social media pages.
ASIC was concerned that the web page and video inaccurately represented the costs and performance of SMSFs in comparison with industry and retail superannuation funds.
“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.”
According to ASIC, 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.