subscribe to our newsletter sign up

Bank-owned super funds facing class action

class action, lawsuit, scales of justice

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

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.

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
subscribe to our newsletter sign up
Recommended by Spike Native Network
Anonymous - "as the $8,500 a year subsidy will not offset the minimal rental yield gained off rents set at 20 per cent below the market"

This amount is.......
Brett - smallest spike ever....
Grant La Greca - Possibly you shouldn't be an SMSF trustee if you don't understand this....
Anonymous - Just admit it. You got it wrong the first time.....