The ads in question were ones which said the fund had has a 10% potential return; or has a 50% potential return without clearly stating that the possible returns on the investment at maturity are 50% or zero.
The commission considered the advertisements were misleading or confusing because:
"We are happy to make any changes to our advertising to deal with concerns raised by the Commission. The announcement in no way reflects on the integrity of the product," HFM chairman Greg Muir says.
Delay in extending savings scheme
The working party, headed by former Council of Trade Unions president Angela Foulkes, was to have reported this month but will now not report until late this year.
New adviser disclosure bill passed
The Securities Legislation Bill, which includes changes to adviser disclosure rules, was passed by Parliament on Thursday. The changes have the support of the opposition, and include giving the Minister of Commerce powers to extending the disclosure requirements of advisers.
This includes disclosure around commissions, fees, qualifications, and any disciplinary action against the adviser. The form those regulations may take is the subject of a current discussion document being considered by officials.
MFS in Top 200 index
MFS Limited has been put into the S&P/ASX 200 index replacing Excel Coal. Excel Coal's removal is a result of the takeover by Peabody Energy Corporation, and court approval of the scheme of arrangement.
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