A series of ads by the Industry Fund Services have had to undergo amendments after the Australian Securities and Investments Commission (ASIC) decided they are likely to mislead or deceive audiences.

ASIC Deputy Chairman Jeremy Cooper says the regulator was concerned that the ads – which promote industry-based super funds on the assumption that average fees would be unchanged for 40 years – may confuse consumers.

The issue of truthful promotion is timely, as many associations, including the Financial Planning Association and the Investments and Financial Services Association, have called for less marketing and more facts in the lead-up to the introduction of Superannuation Choice on July 1.

But while the regulator doesn’t support over-promotion, Mr Cooper says ASIC is also striving for informed consumer choice and does not want to “stop funds from explaining the benefits of their products to consumers, provided they don’t go too far”.