Australian company, Media Super Limited was forced to pay a $10,200 penalty yesterday after the Australian Securities and Investment Commission called them out for “potentially misleading” advertising.

The Media Super factsheet advertisement, titled ‘Self-managed super? You be the judge’, compared the company’s product with self-managed super funds.

However ASIC believes the factsheet inaccurately represented the true costs and benefits of Media Super funds compared to SMSFs.

“ASIC is serious about making sure investors can be confident and informed and that means cracking down on misleading or inaccurate advertising,” ASIC Commissioner Greg Tanzer said yesterday.

The advertisement, released in September 2012, appeared on Media Super’s website and was sent to all fund members.

Mr Tanzer said Media Super has since removed the ad from their website and has fully cooperated with ASIC’s concerns.