A question mark hangs over whether members of the Suncorp superannuation funds are paying twice for administration services.
The Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry saw the head of the office of the trustee within Suncorp Portfolio Services Limited, Maurizio Pinto, directly questioned over the manner in which members of the Suncorp superannuation funds were charged for services provided.
The Commissioner, Kenneth Hayne suggested to Pinto that on the face of it, it appeared members of the Suncorp funds were paying for twice.
When Pinto struggled to explain arrangement, Hayne stated: “Mr Pinto, the difficulty is if you’re not certain, how can you be certain that members are not paying twice”.
The Royal Commission had earlier heard that the trustee used tax refunds to purchase administrative services from other parts of the broader Suncorp business.
