ROOT
ASIC seeking out 'misleading' marketing by managed funds
The corporate regulator has commenced a surveillance into the marketing of managed funds.
ASIC seeking out 'misleading' marketing by managed funds
The corporate regulator has commenced a surveillance into the marketing of managed funds.
On Wednesday, 23 March, ASIC said it is seeking out “misleading performance and risk representations” in promotional material, including search engine advertising, targeting retail investors and possibly “unsophisticated” wholesale investors.
ASIC said its surveillance comes due to concerns that consumers seeking reliable or high returns are being misled about the performance and risks of funds they are investing in.
“ASIC remains concerned that managed fund promoters continue to target consumers, particularly retirees or those planning for retirement, with ambiguous or misleading performance and risk representations,” ASIC deputy chair Karen Chester said.
“Where we identify fund marketing of concern, we will also review the corresponding product disclosure statements, websites and target market determinations to assess if the marketing claims are misleading.”
The regulator has previously taken action against fund managers for misleading marketing or advertising, including Mayfair 101 who was ordered to pay a combined penalty of $30 million last year.
La Trobe Financial Asset Management was also hit with a $750,000 fine in November for the same accusations.
“ASIC is committed to protecting consumers where misleading marketing practices run counter to their interests,” Ms Chester said.
“If we identify misleading conduct, we will take prompt action to disrupt behaviours by deploying across our regulatory tools – from administrative intervention through to enforcement action if warranted.”
RELATED ARTICLES
Retirement
Retirement living linked to better health outcomes and reduced hospital visits, report finds
The Retirement Living Council (RLC) has welcomed the findings of the Australian Medical Association's (AMA) annual Public Hospital Report Card, which highlights the potential for age-friendly ...Read more
Retirement
La Trobe Financial unveils heartwarming new campaign celebrating a life of well-managed investments
Australia's premier alternative asset manager, La Trobe Financial, has launched a new marketing campaign titled "Grandpa's Gift" in collaboration with creative agency Bastion. The fully integrated ...Read more
Retirement
Retirement Living Council welcomes government's decision to delay new Aged Care Act
The Retirement Living Council (RLC) has expressed support for the Australian Government's decision to postpone the commencement date of the new Aged Care Act, with Minister for Aged Care Anika Wells ...Read more
Retirement
Aged Care Taskforce report raises concerns among retirees about increasing costs of care
The Australian Independent Retirees (AIR) has welcomed the release of the Aged Care Taskforce report on funding arrangements, which highlights the need for additional aged care funding to meet future ...Read more
Retirement
Exploring the future of aged care: Retirement communities set to play a pivotal role
The Retirement Living Council (RLC) has openly endorsed the Aged Care Taskforce report, viewing it as a vital guideline for both the government and service operators in shaping the future ...Read more
Retirement
Inherited wealth overtakes self-made fortunes among global billionaires
In a striking shift in the distribution of wealth among the world's elite, inherited fortunes are now eclipsing those earned through entrepreneurship, marking a pivotal chapter in global economic ...Read more
Retirement
Why retirees should be encouraged to remain in the workforce
From an early age our society expounds that we should “respect our elders” and encourages the notion of “experience being invaluable”. Given our ageing population, over the next few decades, ...Read more
Retirement
New retirement savings targets aim to reduce uncertainty
The new standards aim to assist Australians understand how much they need to save for retirement. Read more
Retirement
Retirement living linked to better health outcomes and reduced hospital visits, report finds
The Retirement Living Council (RLC) has welcomed the findings of the Australian Medical Association's (AMA) annual Public Hospital Report Card, which highlights the potential for age-friendly ...Read more
Retirement
La Trobe Financial unveils heartwarming new campaign celebrating a life of well-managed investments
Australia's premier alternative asset manager, La Trobe Financial, has launched a new marketing campaign titled "Grandpa's Gift" in collaboration with creative agency Bastion. The fully integrated ...Read more
Retirement
Retirement Living Council welcomes government's decision to delay new Aged Care Act
The Retirement Living Council (RLC) has expressed support for the Australian Government's decision to postpone the commencement date of the new Aged Care Act, with Minister for Aged Care Anika Wells ...Read more
Retirement
Aged Care Taskforce report raises concerns among retirees about increasing costs of care
The Australian Independent Retirees (AIR) has welcomed the release of the Aged Care Taskforce report on funding arrangements, which highlights the need for additional aged care funding to meet future ...Read more
Retirement
Exploring the future of aged care: Retirement communities set to play a pivotal role
The Retirement Living Council (RLC) has openly endorsed the Aged Care Taskforce report, viewing it as a vital guideline for both the government and service operators in shaping the future ...Read more
Retirement
Inherited wealth overtakes self-made fortunes among global billionaires
In a striking shift in the distribution of wealth among the world's elite, inherited fortunes are now eclipsing those earned through entrepreneurship, marking a pivotal chapter in global economic ...Read more
Retirement
Why retirees should be encouraged to remain in the workforce
From an early age our society expounds that we should “respect our elders” and encourages the notion of “experience being invaluable”. Given our ageing population, over the next few decades, ...Read more
Retirement
New retirement savings targets aim to reduce uncertainty
The new standards aim to assist Australians understand how much they need to save for retirement. Read more
