Industry Super Australia will change its super choice advertising campaign ‘Compare the pair’ in response to concerns raised by ASIC.
ASIC Commissioner Greg Tanzer said, “ASIC was concerned that consumers may be misled by the advertisements that ran from February to May this year. We are pleased that ISA has worked cooperatively with ASIC and put forward a suitable proposal to address our concerns.”
Industry Super Australia will ensure that future versions of the campaign:
- clarify the terms ‘Average Retail Super Fund’ and ‘Average Industry Super Fund’ by providing details about the samples used in the comparison, including the number of retail and industry funds in the samples, and
- include a voiceover clarifying that past performance is not a reliable indicator of future performance.
In addition, Industry Super Australia has agreed that any future iterations of the advertising will be consistent in terms of the time period selected for the comparison.
“ASIC wants consumers to be aware that when deciding to change their superannuation fund, they should consider a number of factors including the fees, the services and benefits offered and the performance of the funds.
“The introduction of MySuper has produced a new generation of low-cost superannuation products across the industry. ASIC is closely monitoring advertising in the industry to ensure it presents the necessary detail so that consumers are able to make informed decisions about their superannuation in today’s market.
“ASIC will continue to work cooperatively with the superannuation industry – including retail and industry funds – so that any concerns are resolved quickly.”
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