Sygnia ad sanctioned due to claim based on 'virtually meaningless' model

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 jurisdiction over Sygnia, which is not a member of the ARB. It did, however, choose to respond to the complaint and has also appealed the ruling, asserting that the ad's maths is sound.

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".