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.
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