ASIC to consider complaints about ISA's 'Compare the Pair'
Tuesday, 1 April 2014 12:40pm

The Australian Securities and Investments Commission (ASIC) will consider complaints about the new Industry Super Association (ISA) 'Compare the Pair' campaign, over concerns that they are "misleading."

Commissioner Greg Tanzer confirmed that the regulator looked at the campaign during a routine oversight of ASIC at the Parliamentary Joint Committee (PJC) for corporations and financial services.

"We are looking at the campaign in the context of the complaints that have been made," Tanzer said.

The regulator is specifically looking at whether or not the campaign "provides a fair representation or conveys a misleading impression."

Liberal Senator for South Australia and chair of the PJC David Fawcett talked about "calculations clearly by people who are supporting retail funds where they show that a retail fund's performance for a given set of conditions clearly exceeds that of the average industry fund."

"Yet the advertisement would lead the average person to believe that every industry fund is going to deliver a better outcome than a retail fund for all the various reasons that they say," Fawcett noted.

ISA confirmed that has put out a tender for an advertising buyer, following the renewal of its 'Compare the Pair' campaign.

The organisation representing 15 industry super funds spent around $9 million on advertising in 2013.

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