Fintech-enabled, Millennial-focused super fund Spaceship has been fined a $12,600 penalty after ASIC found it had engaged in false and misleading conduct in its marketing activity.
In a statement, ASIC said both Spaceship and Tidswell Financial Services (the trustee for Spaceship’s GrowthX portfolio) have paid a $12,600 penalty over misleading claims made on the funds’ website.
ASIC said the ‘fundamental investment philosophy’ of Spaceship’s GrowthX fund “prioritised marketing over accurate disclosure”.
"The Infringement Notices were issued following concerns that promotional statements prioritised marketing over accurate disclosure," the ASIC statement said.
"Prospective members of the fund were told that:
'We will fight to get you the very best assets in your portfolio…. We will measure companies in our portfolio based on their ability to provide defensibility of profits and high levels of product differentiation.'
"ASIC’s concern is that these statements mislead prospective members of the fund because at the time 79 per cent of the fund was invested in index-tracking funds, which involved no qualitative analysis of the underlying companies."