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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.