In this guide
- HESTA pays for false and misleading advertising
- …while the regulator commences civil proceedings against TelstraSuper
- Push to expand financial advice in super
- AustralianSuper lifts stake in Origin Energy
- Median super balances still less than optimal
- Rapid growth in funds management industry
- ACSI welcomes government’s Sustainable Finance Strategy
HESTA pays for false and misleading advertising
HESTA Superannuation Fund has paid the Australian Securities and Investment Commission (ASIC) $48,600 in infringements regarding alleged false or misleading statements about its Balanced Growth superannuation investment option.
ASIC alleges the statements referenced 10-year performance figures of the Balanced Growth option but did not note the period the figures related to.
The 10-year period used by HESTA to calculate those figures had ended between five and 14 months prior to publication.
“ASIC was concerned that these figures were misleading because consumers were not given all the necessary information and might have assumed the fund was performing better than it was,” ASIC deputy chair Sarah Court said.
“Funds commonly focus on performance in their advertising and promotional material. Advertising involving performance figures needs to be clear and transparent about how those figures are calculated. This allows consumers to make informed decisions, including choosing or moving between funds.”
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