ING Direct will pay out around A$5.4 million to compensate more than 24,000 members of its Living Super superannuation fund, after the regulator raised concerns about potentially misleading statements in its promotional material.The Australian Securities and Investments Commission said some members of the fund may have been misled into believing they would receive the same returns on cash investments as ING Direct bank customers receive from their Savings Maximiser accounts.Interest rates for Living Super accounts are set separately.ING Direct said in a media release that it could have been clearer in its communications and is crediting customers the difference between the two rates.The bank will write to all Living Super members to explain what it is doing.The regulator said in a statement: "ASIC was concerned that ING [Direct] promoted Living Super, between March 2015 and September 2016, as having 'no fees' for the 'cash investment option'… without making it clear that customers were paid a lower interest rate on the cash option investment with ING than the rate paid to Savings Maximiser customers."ASIC also said it was disappointed that ING promoted Living Super using product inducements to clients separate from the superannuation products, such as cash payments. ASIC's view is that promotions of this type are bad practice as they may encourage decisions on the basis of short-term considerations that may not reflect the long-term needs of the member.