Money Millennial super fund Spaceship has been fined for misleading conduct

15:16  10 april  2018
15:16  10 april  2018 Source:   Business Insider Australia

Flight Centre cops $12.5m for price fixing

  Flight Centre cops $12.5m for price fixing The Federal Court has issued a $12.5 million fine to Flight Centre following a long-running legal battle with the ACCC. It indicated they wouldn't push tickets unless the airlines agreed not to undercut the company online."I can assure you if this practice continues MH (Malaysia Airlines) will not be invited to participate in any future events," an email from March 2009 read."This situation is clearly now hurting our brand."The case against Flight Centre focused on whether it and the airlines were in competition with each other in any market.

Millennial superannuation app Spaceship has responded to critics by cutting fees, increasing its exposure to tech stocks, launching a “We used the licence of another super fund , and obviously that doesn’t make sense in the long term… Those guys are moving more and more into similar spaces to

Spaceship has blazed a trail through the once sleepy superannuation industry. In the past, he was involved in Good Super , an ethical offering that incurred the wrath of ASIC in 2013 for a misleading website (Good Super 's trustee was fined ,000).

a close up of an engine© Provided by Business Insider Inc

The company behind Spaceship superannuation -- an online super fund pitched at millennials with a focus on tech stocks -- has been fined by the corporate regulator for false and misleading conduct.

The Australian Securities & Investment Commission (ASIC) said Spaceship Financial Services Pty Ltd -- the promoter of the Spaceship Super Fund -- has paid a $12,600 fine for infringements under the ASIC Act. Trustee company Tidswell Financial Services Pty Ltd has also paid a $12,600 fine.

ASIC issued infringement notices to the two companies due to concerns it had around promotional statements used by the Spaceship Fund to prospective customers.

Apple says it's now powered completely by renewable energy

  Apple says it's now powered completely by renewable energy After years of chasing the dream of clean energy, Apple announced that it's facilities are now 100 percent powered by renewable sources. To be clear, though, Apple's announcement doesn't mean all of its facilities are directly connected to clean energy. Instead, in some cases the company is putting renewables back into the grid to offset the fossil fuels it uses up. That's something Google is also doing for its offices and data centers. An Apple representative tells us that it also relies on renewable energy certificates (or RECs) for around 34 percent of its usage, while the rest is made up from its own green projects.

Millennial super fund app Spaceship has responded to critics by cutting fees, increasing its exposure to tech stocks and launching a new investment option. Spaceship chief executive Paul Bennetts told Business Insider cutting fees was a difficult task. “Within superannuation there’s a thing called ORFR

Millennial super fund Spaceship has been in secret talks with banking regulator for its own licence. Investors have backed the licensing application with a million capital raising round.

Spaceship told prospective members 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."

However, at the time, 79% of Spaceship's investments were allocated to passive index-tracking funds, which require no extra qualitative analysis.

Spaceship Super -- which has been backed by tech luminaries such as Atlassian's Mike Cannon-Brookes and Peter Thiel -- cut its fees last November after critics said its 1.6% management fee was uncompetitive.

At the time, Spaceship's funds under management were reported to have grown to $150 million, up from $100 million earlier in the year.

"The accurate promotion of superannuation products is critical to enable Australian consumers to make well-informed financial decisions; particularly in this case given the Spaceship Fund was specifically targeting young investors," said Peter Kell, ASIC's deputy chair.

The fines form part of ASIC's continued efforts to closely monitor new entrants into Australia's superannuation sector.

The regulator said that while industry start-ups can provide a unique offering to clients, it's critical that they provide clear and accurate information -- particularly if the product is aimed at younger customers.

Sydney's new light rail delayed until 2020 .
Businesses and residents along Sydney's troubled light rail project may have to wait until March 2020 to see trams running on the rails.Sydney's troubled light rail project is at least a year behind schedule, Transport Minister Andrew Constance has been told by the consortium building the project.

—   Share news in the SOC. Networks
This is interesting!