Court finds super switching advice misleading: ASIC

ASIC has announced that the NSW Supreme Court has found that super switching advice given by First Capital Financial Planning Pty Ltd (First Capital) was misleading or deceptive, and did not have a reasonable basis. According to ASIC, between December 2004 and September 2005, First Capital advised 170 NSW Government teachers to switch from their State government superannuation fund, First State Super, to a superannuation fund recommended by First Capital. ASIC said the fees payable in the recommended fund were significantly higher than the fees payable in First State Super.