Westpac’s BT Funds Management has paid $20,400 in penalties after being issued with two infringement notices from ASIC.
An investigation by the corporate regulator found that misleading statements were made in two online advertising campaigns for BT Super, resulting in a penalty of $10,200 for each campaign.
The first campaign “misled consumers by representing that superannuation products issued by BT had generated greater returns than those generated by all industry super funds during the stated period”, said a statement from ASIC.
The second infringement notice was issued due to BT’s inclusion of the words “Industry Super Australia” in the headline of its advertising communication.
“ASIC was concerned that BT misled consumers into believing that BT had an affiliation with Industry Super Australia (ISA), an organisation which manages collective projects on behalf of fifteen industry super funds,” said ASIC.
“BT has never had an affiliation with ISA,” the regulator said.
SUBSCRIBE TO THE IFA DAILY BULLETIN
- 17 Aug 2018Grandfathering is not in consumers' interests: KellBy Tim Stewart
- 17 Aug 2018Advisers can ‘professionalise’ clients’ philanthropyBy Lucy Dean and Killian Plastow
- 17 Aug 2018Standalone robo-advisers ‘will not attract’ HNW investorsBy Reporter
- 17 Aug 2018Assess super on value not fees, Rice Warner urgesBy Killian Plastow
- 16 Aug 2018ANZ taken to task over ‘misleading’ general adviceBy Reporter
- 16 Aug 2018Faith in adviser ethics fallsBy Reporter
- view all