ASIC media releases are point-in-time statements. Please note the date of issue and use the internal search function on the site to check for other media releases on the same or related matters.

Monday 21 March 2016

16-080MR Port Phillip Publishing pays $21,600 penalty for misleading superannuation scare campaign

Port Phillip Publishing Pty Ltd (Port Phillip Publishing) has paid an infringement notice for statements appearing on its website. The statements claimed that:

  • the Australian Government  intended to nationalise and take ownership of superannuation;
  • and that because of this, the Australian public would be unable to access their retirement savings; and
  • that consumers ought to consider strategies to protect their superannuation from being stolen by the Government by subscribing to an online publication of Port Phillip.

These statements appeared in a PowerPoint video presentation and on its primary business website.

Port Phillip Publishing paid  a penalty of $21,600 after ASIC issued two infringement notices for false and misleading advertising. Each infringement notice imposed a penalty of $10,800.

Port Phillip Publishing Pty Ltd removed the statements prior to being notified of ASIC’s concerns.

The payment of an infringement notice is not an admission of a contravention of the ASIC Act consumer protection provisions. ASIC can issue an infringement notice where it has reasonable grounds to believe a person has contravened certain consumer protection laws.

Download the infringement notice

Last updated: 30/03/2021 09:39