POWERED BY MOMENTUM MEDIA
CFS, AMP likely first targets in Slater and Gordon’s crosshairs
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.
AUTHOR
Nicholas Grove
Nicholas Grove is a senior journalist with Money Management.
Recommended for you
The strong market downturn in the first two weeks of the month has been followed by a swift recovery, according to SuperRatings.
The industry body is pushing for the Senate to pass the legislation this sitting fortnight.
The director, who is also a CFMEU official, has been accused of breaching a number of the covenants contained in the SIS Act.
The regulator says an industry roundtable found advisers and super funds need to up their game when it comes to talking about super with Millennials.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Ardea Diversified Bond F (CLOSED)
148.81 3 y p.a(%)
2
Spire Oaktree Opportunities XI First Close USD
66.48 3 y p.a(%)
3
Fidante Credit Suisse Global Private Equity
31.88 3 y p.a(%)
4
DomaCom 4/27 Crombie Avenue Bundall QLD 4217 Australia
28.07 3 y p.a(%)
5
CFS Acadian Wholesale Global Equity Long Short A
26.35 3 y p.a(%)
