ASIC has raised concern over social media marketing, with several firms having to remove or amend “potentially misleading representations” in their social media advertising.
In a statement, ASIC said Urban Seed Project Marketing, Skybridge Portfolios and Tatnell DLS have removed and amended misleading information about SMSFs promoted on social media.
“With the growing popularity of social media sites including Facebook, Twitter and YouTube, social media has become an increasingly important channel for the promotion of financial products and services, including SMSFs,” the statement said.
ASIC deputy chair Peter Kell said: “ASIC will continue to take action where we see advertising that might mislead consumers, whether that advertising is on social media or more traditional media.”
ASIC indicated that Tatnell’s YouTube videos favourably compared SMSFs to other superannuation funds without referencing factors as to why this is the case. Skybridge also disseminated potentially misleading information, according to the statement, on its Facebook page.
In regards to Urban Seed, the company’s YouTube videos linked to a promotional website which included representations of SMSF-friendly properties for sale.
Skybridge, Urban Seed and Tatnell have removed all relevant posts and videos. The companies have also ensured all future social media marketing will undergo a review and approvals process.