AustralianSuper has been accused of greenwashing over its ethical “investments.

Australia's largest superannuation fund, AustralianSuper, is facing scrutiny for investing in coal, oil, and gas industries through its 'Socially Aware' option, despite claims of excluding fossil fuel investments.

The Australian Securities and Investments Commission (ASIC) says it raised concerns about the wording of AustralianSuper's policies but found no evidence of member deception.

It comes after a media investigation that found investments in companies involved in nuclear weapons.

AustralianSuper says it plans to revise its Socially Aware option's policies.