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.