CFS, AMP likely first targets in Slater and Gordon’s crosshairs

11 September 2018
| By Nicholas Grove |
image
image
expand image

Slater and Gordon has launched a series of class actions aimed at retrieving retirement savings that may have been gouged from members by bank-owned super funds, with Commonwealth Bank-owned super fund, Colonial First State, and AMP super likely to be the first targets.

The allegations arise from evidence given before the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry.

“Slater and Gordon will take on the banks on behalf of millions of Australians whose retirement savings may have been gouged by bank-owned super funds lining their pockets,” the law firm said.

The firm alleges 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.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest developments in Super Review! Anytime, Anywhere!

Grant Banner

From my perspective, 40- 50% of people are likely going to be deeply unhappy about how long they actually live. ...

1 year 3 months ago
Kevin Gorman

Super director remuneration ...

1 year 3 months ago
Anthony Asher

No doubt true, but most of it is still because over 45’s have been upgrading their houses with 30 year mortgages. Money ...

1 year 3 months ago

Shadow treasurer Angus Taylor has vowed to slash red tape and introduce a suite of financial services reforms aimed at transforming Australia into a leading financial hub...

22 hours ago

Deglobalisation is emerging as a major driver of infrastructure debt opportunities as regions onshore vital industries, a superannuation fund-owned manager has said....

22 hours ago

Australian superannuation funds are grappling with heightened global instability, as US policy shifts create a volatile backdrop for investment strategies....

22 hours ago

TOP PERFORMING FUNDS