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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: 23/03/2016 03:04