ASIC issues infringement notice to Future Super Investment Services
The Australian Securities and Investments Commission (ASIC) has issued an infringement notice to superannuation fund promoter, Future Super Investment Services Pty Ltd, for alleged greenwashing.
Future Super is the promotor of the Future Super Fund. ASIC was concerned that a Facebook post by Future Super may have been false or misleading by overstating the positive environmental impact of the Fund. The post included the statement ‘Naysayers don’t join together and move nearly $400million out of fossil fuels.’
At the time of the Facebook post, Future Super had approximately $400 million in total funds under management and had no basis to represent that the entirety of those funds had been invested in fossil fuels prior to being invested in the Fund.
ASIC has now issued over $150,000 in infringement notices regarding greenwashing since October 2022 as well as commenced civil proceedings in the Federal Court against Mercer Super for alleged greenwashing.
The Facebook post was published on 29 May 2019 and remained on the Fund’s Facebook page until October 2022.
Future Super paid the $13,320 infringement notice on 27 April 2023. Payment of an infringement notice is not an admission of guilt or liability.