Print BT Funds Management and Asgard Capital have been ordered by the Federal Court to pay $1.5 million each ($3 million) for charging fees-for-no-service and making misleading statements. An Australian Securities and Investments Commission (ASIC) announcement said the court found that between September 2014 and August 2017, a total of 404 customers were harmed by BT’s and Asgard’s conduct. The court held that on at least 487 occasions, BT and Asgard had contravened the ASIC Act, and the Corporations Act, by: Making false or misleading representations to customers in customer account statements that no deductions of ongoing adviser fees were being made from customers’ accounts after those customers requested to remove their financial advisers from their accounts; and