THE Australian Securities and Investments Commission has fined SMSF Property Capital $10,200 penalty after the company made potentially misleading statements about "ASIC approved" financial products.
ASIC deputy chairman Peter Kell said the infringement notice should be a warning to anyone advertising financial products.
“It is crucial that consumers are not misled about the level of risk associated with any investment.
“ASIC takes the misuse of language such as “ASIC endorsed” or “ASIC approved” very seriously, especially in the area of SMSFs. Creating a false impression of the level of regulatory approval for investments can lead to consumers making poor decisions. Providing accurate information that does not mislead is fundamental to the operation of a fair and efficient market,” he added.
Kell said SMSF Property Capital had acted quickly to remove the statements from its website once approached by ASIC.
SMSF Property Capital’s payment of the infringement notice penalty is not taken as an admission of liability or a contravention of the consumer protection provisions of the Australian Securities and Investments Commission Act 2001 (ASIC Act).
SMSF Property Capital was known as SMSF Property Advisers, and is an authorised representative of Guardian Securities Limited.
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