The corporate regulator has commenced civil penalty proceedings in the Federal Court against financial technology firm Squirrel Superannuation Services for false or misleading representations.
The Australian Securities and Investments Commission (ASIC) alleged that the firm’s self-managed superannuation fund (SMSF) brochure from March 2015 and July 2018 made misleading representations.
ASIC said the brochure was called ‘How buying established residential property can super charge your superannuation?’ and that Squirrel provided the brochure to thousands of members of the public by email and distributed hard copies at a seminar on 28 April, 2015.
ASIC also alleged that from around January 2015 Squirrel marketed and sold services helping customers establish and operate SMSFs to purchase established residential property.
The misleading representations ASIC alleged in the brochure included:
ASIC said it was seeking declarations, pecuniary penalties and cost orders against Squirrel.
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