In June this year, ASIC had warned investors to be careful about any advertisement that compares fixed-term investment products to bank term deposits. It had also asked seven REs to rectify their advertisements related to a total of 13 funds.
Lately, ASIC has placed a stop order for the Skyring Fixed Income Fund (the fund) advertisements. It will stop Skyring from making statements comparing the fund to term deposits, doing promotions and offering a fixed return without proper risk warnings. The responsible entity for the fund is Skyring Funds Management Limited (Skyring).