Dixon Advisory pays infringement notice for potentially misleading advertising

Dixon Advisory Group Limited has recently settled two ASIC infringement notices, paying penalties totalling $20,400 for including potentially misleading claims on its website.

One page on Dixon Advisory's website touted the advantages of self-managed super funds (SMSFs), comparing their costs and performance against industry and retail superannuation funds. Additionally, a promotional video featured on Dixon Advisory's social media made assertions regarding an independent review of the superannuation system.

ASIC expressed concerns that these representations were inaccurate in their depiction of SMSF costs and performance relative to other superannuation options.

ASIC Deputy Chair Peter Kell emphasized the importance of accurate information for consumers, especially those considering SMSFs, and cautioned against misleading advertising, including online and social media platforms.

In response to ASIC's concerns, Dixon Advisory promptly removed the offending statements and video from its website and social media channels. The company also cooperated fully with ASIC throughout the process.

It's important to note that payment of an infringement notice does not imply an admission of wrongdoing under the ASIC Act's consumer protection provisions. ASIC issues such notices when it has reasonable grounds to believe there has been a breach of specific consumer protection laws.

Since 2012, ASIC has focused on SMSF advertising, particularly through social media, as part of its efforts to regulate this sector effectively. ASIC encourages SMSF trustees to refer to reliable sources such as the MoneySmart website and guidance from the Australian Tax Office for accurate information.

This information comes from the ASIC Media Release (15-207MR) and is true at the time of publishing.