ASIC fines publisher over misleading promo guide

ASIC fine Future Fund regulation

2 September 2019
| By Chris Dastoor |
image
image
expand image

Port Phillip Publishing (PPP) and its former director Kristan Sayce have been found liable by the Australian Securities and Investments Commission (ASIC) for misleading and deceptive statements about publishing a guide mimicking the Future Fund.

The publisher and director were fined $600,000 and $50,000, respectively, based on penalties proposed by both parties and ASIC.

The two documents which had the misleading statements, a promo letter and a guide, were published September 2017 titled “Everyday Australians Now Legally ‘Piggybacking’ ‘the Future Fund’…and collecting extra monthly income injections of $540 right up to $6,667” and “Your Quick Start Guide to Piggybacking the Future Fund”.

PPP published the promo letter promoting the guide on two of its websites and emailed copies of the promo letter to approximately 200,000 subscribers.

Those documents promoted investing in a specific portfolio of listed investment companies and exchange traded funds (ETFs) which was sold as mimicking the performance of the Government’s Future Fund.

The guide could only be accessed based on subscription of $49, with 823 people having paid for a copy of the guide.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

3 weeks 5 days ago

This verdict highlights something deeply wrong and rotten at the heart of the FSCP. We are witnessing a heavy-handed, op...

1 month ago

Interesting. Would be good to know the details of the StrategyOne deal....

1 month ago

Insignia Financial has confirmed it is considering a preliminary non-binding proposal received from a US private equity giant to acquire the firm. ...

1 week 3 days ago

Six of the seven listed financial advice licensees have reported positive share price growth in 2024, with AMP and Insignia successfully reversing earlier losses. ...

6 days 4 hours ago

Specialist wealth platform provider Mason Stevens has become the latest target of an acquisition as it enters a binding agreement with a leading Sydney-based private equi...

5 days 8 hours ago