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Australia - Fine-Ancial Misconduct: ASIC Steps Up Penalties Cases To Stamp Out Misconduct. Legal News and Analysis - Australia - Regulatory & Compliance -
Squirrel Superannuation Services has been ordered to pay a $55,000 penalty for false and misleading marketing. A superannuation-focused fintech group has been put on notice over marketing materials i
ASIC prosecutes fintech for misleading consumers ASIC prosecutes fintech for misleading consumers The corporate regulator has said it is taking a fintech group to court for allegedly making misleading statements in its marketing materials about superannuation member returns. A A In a statement, ASIC said it had initiated proceedings in the Federal Court against Squirrel Superannuation Services on 23 December for false or misleading representations. Squirrel, a fintech platform that allows consumers to manage their retirement savings through an SMSF, was alleged by the regulator to have publis...
It claims provider made misleading statements in its marketing material about investing in property The Australian Securities & Investment Commission (Asic) has started civil legal proceedings against Squirrel Superannuation Services for false or misleading representation. The watchdog alleges that from January 2015 the financial technology business “marketed and sold services helping customer establish and operate self-managed superannuation funds (SMSF) to purchase established residential property”. The first brochure was published and distributed in March 2015 to “thousands of member...