Sarah Danckert writes a piece for the Business Day section of the Sydney Morning Herald wherein she talks about the fine imposed on Dixon Advisory, one of the biggest and most reputed Super Fund houses in the country. “Potentially misleading” advertisements have cost them $10,200.
ASIC slaps fine
The amount of fine in itself would not have served as an eye-opener for a company as big as Dixon Advisory but the reason for the fine substantiates the stance of the Australian Securities and Investment Commission (ASIC).
Dixon Advisory made misleading claims
Dixon Advisory, in fact, is the biggest SMSF manager apart from banks which has been levied a fine by the ASIC. ASIC, the corporate regulator, came up with the fine after dispatching two infringement notices which categorically talked about the website of “Dixon’ misleading investors through false claims.
Unsubstantiated praise for the SMSF sector
The website dealt in praising the SMSF sector beyond what it has proven to be capable of thus undermining the industry and retail funds. The website’s video posting and the company’s social media efforts pointed towards claiming an independent review of the Super system; something which is just not the case.
You can read the original article here.
Let false news and misleading reports remain restricted to the spruikers and fly-by-night operators. It is not tough to stop their further proliferation but very difficult to stop them altogether. Yet, it is only expected that the rot does not spread beyond such unethical advisers. If a company as big as Dixon Advisory begins to play a game of falsity, the psyche of investors will be irreparably hurt in a very short phase of time.
