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Omniwealth pays $10,200 infringement penalty
Omniwealth Services has complied with an infringement notice issued by the Australian Securities and Investments Commission (ASIC) and has paid a $10,200 penalty.
ASIC raised concerns after it found a page the wealth advisory group's website had potentially misleading claims regarding investing in property in a self-managed super fund (SMSF).
The regulator found the page did not give a balanced message about the returns, benefits and risks of investing in property in a SMSF, and the uncertainty of forecasts.
The page compared the performance of a geared property investment within a self-managed super fund to an ungeared equity investment within a SMSF. It was also promoted through Omniwealth chief executive's social media page with a statement that investing in property in SMSF has taxation, leverage, and diversification advantages.
Commenting on the infringement ASIC deputy chair, Peter Kell, said making appropriate investment decisions is one of the most important responsibilities of SMSF trustees
"ASIC is determined that SMSF trustees get accurate information and are not misled by advertising, including on websites and through social media," he said.
Omniwealth has removed statements from its website and related social media profiles and has fully cooperated in responding to ASIC's concerns.
ASIC's SMSF Taskforce was established in 2012 as a response to growth in SMSFs. The advertising to SMSF trustees or potential trustees through social media has been a recent specific focus of the Taskforce.
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