{"id":26592,"date":"2014-06-24T18:25:05","date_gmt":"2014-06-24T08:25:05","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=26592"},"modified":"2014-06-25T06:44:37","modified_gmt":"2014-06-24T20:44:37","slug":"asic-dubs-isa-ads-misleading","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2014\/06\/24\/asic-dubs-isa-ads-misleading\/","title":{"rendered":"Compare the Pair Ads Misleading &#8211; ASIC"},"content":{"rendered":"<p><span style=\"line-height: 1.5em\">Industry Super Australia (ISA) has agreed to make changes to its \u2018Compare the Pair\u2019 campaign, following concerns raised by the Australian Securities and Investments Commission that the advertisements were misleading.<\/span><\/p>\n<p><!--more-->ASIC said it was concerned that the Compare the Pair ads, which aired from February to May this year, failed to provide sufficient detail to consumers. It has asked the ISA to make changes to the campaign, so that consumers are able to make informed decisions about their superannuation in today\u2019s market.<\/p>\n<p>Any future versions of the ISA campaign will be required to:<\/p>\n<ul>\n<li>Clarify the terms \u2018Average Retail Super Fund\u2019 and \u2018Average Industry Super Fund\u2019 by providing details about the samples used in the comparison, including the number of retail and industry funds in the samples<\/li>\n<li>Include a voiceover clarifying that past performance is not a reliable indicator of future performance<\/li>\n<li>Use consistent time periods within the comparison<\/li>\n<\/ul>\n<p>ASIC Commissioner, <strong>Greg Tanzer<\/strong>, said the ISA had worked cooperatively with the regulator, putting forward its own proposal to address ASIC\u2019s concerns.<\/p>\n<p>\u201cASIC wants consumers to be aware that when deciding to change their superannuation fund, they should consider a number of factors including the fees, the services and benefits offered and the performance of the funds,\u201d Mr Tanzer said.<\/p>\n<p>\u201cASIC will continue to work cooperatively with the superannuation industry \u2013 including retail and industry funds \u2013 so that any concerns are resolved quickly. In addressing these types of concerns, ASIC will look to find a balance between clear, accurate and unambiguous advertising and appropriate marketing by the funds of the benefits of their products.\u201d<\/p>\n<p>Commenting on the ASIC statement, Association of Financial Advisers CEO, <strong>Brad Fox<\/strong>, said: \u201cIf you can\u2019t trust what the ISA has said in its multi-million dollar Compare the Pair advertising campaign, how can you trust what they have to say about the Future of Financial Advice (FoFA) amendments?\u201d<\/p>\n<p>Mr Fox said millions of dollars of industry fund members\u2019 money had been spent on advertising that did not meet the standards expected by the regulator. \u201cThis from the very group that has been so vocal about the FoFA amendments and the need for consumer protection,\u201d he said. \u201cThis really calls into question the ISA\u2019s integrity when lobbying against the proposed FoFA changes.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Industry Super Australia (ISA) has agreed to make changes to its \u2018Compare the Pair\u2019 campaign, following concerns raised by the Australian Securities and Investments Commission that the advertisements were misleading.<\/p>\n","protected":false},"author":7,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8,5622],"tags":[],"class_list":["post-26592","post","type-post","status-publish","format-standard","category-compliance-regulation","category-superannuation"],"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/26592","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/comments?post=26592"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/26592\/revisions"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=26592"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=26592"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=26592"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}