Australia’s largest super fund has been fined $27m for charging duplicate fees to tens of thousands of customers.
The Australian Securities and Investments Commission (ASIC) sued AustralianSuper in 2023.
It was found more than 48,000 members’ accounts were not merged in their best interests, allowing duplicate fees to eat up retirement savings.
ASIC and AustralianSuper appeared in the Federal Court at Melbourne on Friday, where Justice Lisa Hespe handed down her decision, fining AustralianSuper $27m and ordering the fund pay ASIC’s legal costs up to $500,000.
More to come