[Brad Lockyer]

The nation’s largest super fund, AustralianSuper, is being sued by the Australian Securities and Investments Commission (ASIC) for failing to consolidate duplicate account held by 90,000 members.

ASIC says industry fund AustralianSuper failed to identify the accounts for more than 10 years and that the blunder may have cost the affected members a total of $69 million in extra fees and insurance premiums between July 2013 and March 2023.

The corporate watchdog says the super fund did not “do all things necessary to ensure its financial services were provided efficiently, honestly and fairly”, nor did it “perform its duties and exercise its powers as a superannuation trustee in the best interests of its members”.

ASIC says it will be seeking declarations, pecuniary penalties and other orders against AustralianSuper.

Are you with AustralianSuper?

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