ASIC issues infringement notices to HESTA
COURT OR TRIBUNAL
Other
DATE FILED (OR FIRST HEARING DATE)
10/11/2023
LITIGATION TYPE
Corporate Accountability
SUBJECT MATTER
Transparency/disclosure
REVIEW TYPE
N/A
SUMMARY
ASIC has issued three infringement notices to HESTA for alleged false or misleading statements made in their marketing material. HESTA paid $48,600 to comply with these notices. These were alleged false or misleading statements about HESTA's ‘Balanced Growth’ superannuation investment option. Statements referenced 10-year performance figures but did not note the period the figures related to. These statements may have misled consumers into believing the performance figures used were up to the present day. However, the 10-year period used by HESTA to calculate those figures ended between five and 14 months prior to publication. Past performance figures were higher than the more recent performance figures available during the period of publication. Note that ASIC did not refer to the representations as being ‘greenwashing’.
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