Millennial super fund Spaceship (backed by Mike Cannon-Brookes) fined by ASIC

Probably just a bad oversight. But this serves as another reminder, especially for the millennial target market who are new to the industry, to DYOR.

The CEO, Paul Bennetts, sent an email to investors today and here's a snippet:

"ASIC raised some concerns around a portion of content on our website. After hearing their concerns, we quickly saw that we should have been clearer about our investment decision process and we amended our website. We are proud that we acted immediately to address their concerns.

There has been some press yesterday and today in relation to this and we are a little disappointed that the coverage seems to be throwing rocks at the new kid on the block rather than holding a discussion about portfolio transparency and investment decision making across the entire superannuation industry."