Statewide Superannuation to pay $4 million penalty for misleading correspondence to members
The Federal Court has imposed combined penalties of $4 million on Statewide Superannuation Pty Ltd (Statewide) for providing members with misleading information regarding their insurance and failing to breach report the issue to ASIC in the time required by law. ASIC Deputy Chair Sarah Court said, ‘Statewide provided misleading communication to thousands of its members, …