Powered by momentummedia
nestegg logo
Powered by momentummedia
nestegg logo
nestegg logo

 

 

Retirement

Bank-owned super funds facing class action

  • September 11 2018
  • Share

Retirement

Bank-owned super funds facing class action

By Eliot Hastie
September 11 2018

Law firm Slater & Gordon is set to launch what could potentially be Australia’s largest class action lawsuit against bank-owned superannuation funds.

class action, lawsuit, scales of justice

Bank-owned super funds facing class action

author image
  • September 11 2018
  • Share

Law firm Slater & Gordon is set to launch what could potentially be Australia’s largest class action lawsuit against bank-owned superannuation funds.

class action, lawsuit, scales of justice

Slater & Gordon is launching the ‘Get Your Super Back’ campaign today and said it will involve a series of class actions, with Colonial First State and AMP likely to be their first targets.

“The firm will allege the big bank-backed super funds failed to obtain for members competitive cash interest rates on cash option funds, and charged exorbitant fees, affecting millions of members who held part or all of their superannuation in bank owned funds,” Slater & Gordon said.

The allegations arise from evidence given to the royal commission into the banking industry and information released in the Productivity Commission report.

The Productivity Commission report released in May found that retail super funds only brought in members 4.9 per cent per annum, in contrast with the 6.8 per cent per annum brought in by industry funds.

Advertisement
Advertisement

The Productivity Commission report also found that retail funds frequently underperformed and charged more fees than industry funds.

More to come. 

Bank-owned super funds facing class action
class action, lawsuit, scales of justice
nestegg logo

Forward this article to a friend. Follow us on Linkedin. Join us on Facebook. Find us on Twitter for the latest updates
Rate the article

more on this topic

more on this topic

From the web

Recommended by Spike Native Network

More articles

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.