ASIC names 13 REs and 18 funds over marketing
Thirteen responsible entities for managed funds have voluntarily changed their marketing materials across 18 funds as a result of a surveillance conducted by the Australian Securities and Investments Commission (ASIC).
The regulator announced the move today, naming the Res as being AMAL Trustees, Australian Secure Capital Fund, Balmain Fund Administration, Betashares Capital Limited, Boutique Capital Limited, CFMG Equity and Incomes Fund Limited, Collins St Management, CTSP Funds Management, Perpetual Trust Services, Truepillars RE Ltd, VentureCrowd Nominees, VT No.2 Pty Ltd and Wentworth Williamson.
ASIC noted that neither it nor a court had made any findings that the marketing by the 13 entities or other persons or entities associated with the product were in beach of the law wr had admitted guilt or liability.
Commenting on the outcome, ASIC deputy chair, Karen Chester said the regulator’s primary concern was to protect retail and potentially unsophisticated wholesale investors, especially retirees making important investment decisions based on marketing that did not accurately represent fund performance.
ASIC’s surveillance of managed funds’ marketing material identified a number of concerns, including inadequate warnings or disclaimers about past or future performance, comparing the product to lower-risk products, indices or benchmarks and the downplaying of other risks when promoting fund benefits.
“In conveying our concerns to these responsible entities and trustees, we have secured timely and voluntary amendments to the funds’ marketing materials,” Chester said.
And of course ASIC’s best buddies Industry Super with up to 94% Growth Assets in a so called “Balanced Funds” get ZERO such warnings.
REGULATORY CAPTURE CORRUPTION ASIC & INDUSTRY SUPER AT IT’S WORST.
Here is an easy one for you ASIC. Industry super “balanced funds” not actually balanced but rather high growth. It’s misleading and deceptive, especially when they advertise their superior returns.
ASIC are out of control and full of double standards. There is no problems when industry funds do this, or even when APRA based their “performance test” on short timeframes.
ON th e whole though, ASIC are socialists and want to do away with caveat emptor; instead they want the government to control everything. .