Magda Wierzycka, Sygnia’s CEO and co-founder. (Sygnia/Supplied)
Sygnia has been found wanting by the Advertising Regulatory Board (ARB) for claiming in an advertisement that consumers could be losing as much as 60% of their retirement savings to fees.
In a ruling last month, the ARB requested its members, which include the Association of Independent Publishers (AIP) and National Association of Broadcasters (NAB), to no longer accept adverts from Sygnia making the claim. It doesn’t, however, have jurisdication over Sygnia, which is not a member of the ARB.
The matter stems from a consumer complaint against the advert that was placed on Sygnia’s Facebook page on 6 February. The advert in question featured a short video featuring the company’s co-head of investments, Iain Anderson, alongside the offending text under the banner: “Invest better with a Sygnia Retirement Annuity”.
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