The Australian Securities & Investments Commission (ASIC) issued an infringement notice to Australian Retirement Trust Pty Ltd (ART), which paid AUD 18,780 to comply, over allegedly misleading performance data published on ART’s website for its default MySuper product, the Lifecycle Investment Strategy. Between July 2023 and July 2024, ART published out-of-date performance data, including the 2023 Super Savings Product Dashboard incorrectly displaying fund performance figures for the financial year ending June 2022 from 18 July 2023, which were higher than the figures achieved for the financial year ending June 2023. ASIC said the outdated data could have led consumers to believe the strategy’s performance was better than it was; payment of an infringement notice is not an admission of liability. ASIC published three infringement notices setting out its concerns on the Credit and ASIC Act infringement notices register, and noted this was the second superannuation fund to pay an infringement notice for allegedly false or misleading past performance statements, following H.E.S.T Australia Limited in November 2023.
Australian Securities & Investments Commission 2025-05-30
Australian Securities & Investments Commission issues infringement notice as Australian Retirement Trust pays AUD 18,780 over allegedly misleading performance data
The Australian Securities & Investments Commission (ASIC) issued an infringement notice to Australian Retirement Trust Pty Ltd (ART) for allegedly misleading performance data on its website for the default MySuper product, resulting in a payment of AUD 18,780. ART published outdated performance data between July 2023 and July 2024, potentially misleading consumers. This is the second superannuation fund to pay an infringement notice for allegedly false past performance statements, following H.E.S.T Australia Limited in November 2023. Payment of the notice is not an admission of liability.