Duplicate Accounts Cost AustralianSuper Members $69 Million: ACCC

Duplicate Accounts Cost AustralianSuper Members $69 Million: ACCC
Australian dollars in Sydney, Australia, on Jan. 15, 2016. AAP Image/Joel Carrett
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AustralianSuper, the country’s largest superannuation fund, has been slapped with a Federal Court action after allegedly failing to consolidate thousands of duplicate accounts, costing members $69 million in fees.

The Australian Securities and Investments Commission (ASIC) filed legal action accusing AustralianSuper of not having the right policies and procedures to identify—and merge—multiple accounts held by about 90,000 members.

Celene Ignacio
Celene Ignacio
Author
Celene Ignacio is a reporter based in Sydney, Australia. She previously worked as a reporter for S&P Global, BusinessWorld Philippines, and The Manila Times.
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