Synergy Financial Markets has paid a penalty of $10,800 after ASIC issued it with an infringement notice for false or misleading statements on its website.
Synergy, which trades equities and derivatives on behalf of its clients through the operation of two MDAs, stated on its website that investors will only pay Synergy “when your account profits”.
ASIC said the statements were misleading because, regardless of whether an investment in one of its MDAs profits, Synergy changes investors an annual management fee (of 2 per cent) as well as brokerage fees and commissions.
Synergy subsequently removed the statements from its website.
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