ASIC has announced that Industry Super Australia will change its super choice advertising campaign ‘Compare the pair’ in response to concerns raised by ASIC.
Industry Super Australia will ensure that future versions of the campaign:
- clarify the terms ‘Average Retail Super Fund’ and ‘Average Industry Super Fund’ by providing details about the samples used in the comparison, including the number of retail and industry funds in the samples, and
- include a voiceover clarifying that past performance is not a reliable indicator of future performance.
Comparisons should only be made between products that have sufficiently similar features or, where an advertisement compares different products, the differences should be made clear in the advertisement.
Comparisons should only be made about returns if the information used is current, complete and accurate.