The Brisbane Supreme Court has banned an unlicenced superannuation firm from using advertising following concerns raised by the corporate watchdog.
Queensland-based Instep Superannuation (Instep) and its director Leslie John Donnell acted deceptively by making advertisements on the Internet, television and radio that its superannuation funds generated returns between eight and 20 per cent, ASIC said.
The advertisements also said that Instep was "the best performing superannuation fund in Australia".
Instep and Donnell do not have an Australian financial services licence (AFSL).
The regulator found Donnell and his firm did not have any qualifications or experience in the superannuation industry and the product disclosure statement on Instep's website was plagarised from other superannuation providers.
ASIC warned consumers who were considering moving their superannuation to always check that their financial adviser and superannuation fund holds an AFSL.
"A superannuation fund's investment performance usually makes a big difference to how much members will have to retire on, so it is crucial that consumers undertake sufficient research," ASIC said in a statement.
