Another super fund in strife

Superannuation fund facing class action over payments to financial advisers.

Another super fund in strife

Williams Roberts Lawyers and Litigation Capital Management (LCM) are proceeding with a class action against Suncorp Super over payments to financial advisers.

The class action alleges that Suncorp Super executed agreements to entrench fees to be used for payment of conflicted remuneration to financial advisers that would otherwise have become banned and unlawful from 1 July 2013 as a result of the Future of Financial Advice Reforms (FOFA Reforms).

In doing so, the class action will allege Suncorp Super breached its duties to avoid conflicts, act with due care and diligence and act in the best interest of its members. 

From 1 July 2013, FOFA Reforms banned conflicted remuneration for financial advisers – commissions and other payments that could reasonably influence the advice given to retail clients. Under ‘grandfathering provisions’ of the FOFA Reforms, certain commissions or other payments to be made under an arrangement entered into prior to 1 July 2013 were exempt from the ban. 

The proposed class action will be brought on behalf of members of the Suncorp Super Funds whose accounts have been impacted by the payment of the conflicted charges from 1 July 2013.

The class action will be funded by LCM on a ‘no win, no pay’ basis. If the class action is successfully resolved and there is a recovery of compensation, LCM will be entitled to reimbursement of the costs it has spent plus a commission.

Class action members do not have to pay anything in the event that the class action is unsuccessful, as LCM agrees to pay any legal costs that might be awarded to the Suncorp Super or any other defendants.

If you are affected or believe you may be affected but are unsure, you can register you interest in the class action at williamroberts.com.au.

Did you have a superannuation account with Suncorp Super? Do you think you might have a case to get a refund on some of your superannuation charges? Will you sign up to the class action?

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    COMMENTS

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    Not a Bludger
    4th Jul 2019
    12:27pm
    This just shows the stupidity of our politicians who allowed the USA class action law to become enshrined in Australian law.
    Simply puts our money into the coffers of these international litigation funding pirates.
    Tanker
    4th Jul 2019
    2:31pm
    What about the thieves who stole the money through unlawful actions? It appears you believe they should get away with it.
    Tanker
    4th Jul 2019
    2:31pm
    What about the thieves who stole the money through unlawful actions? It appears you believe they should get away with it.
    maelcolium
    4th Jul 2019
    6:09pm
    What a ridiculous statement bludger. Would you feel happy if the Funds, which has acted illegally, is just allowed to get off? White collar crime causes victims misery, poverty and sometimes suicide. Are you happy about that as well?
    KSS
    4th Jul 2019
    12:30pm
    And how much is the lawyers fee?
    Not a Bludger
    4th Jul 2019
    3:24pm
    It will be a secret percentage of the income, if successful, agreed with the Litigation Funder typically on a sliding scale - but big bickies by any measure.
    maelcolium
    4th Jul 2019
    6:12pm
    Who gives a flying F%$# how much the fees are? If the litigator wins the case their fees are paid by the Fund.

    Apathy about financial crimes is what allows these parasites, including the big Banks, to fleece customers. And you two are somehow happy with this? Go figure.
    maelcolium
    4th Jul 2019
    6:14pm
    Oh and the other point is that the only time anything would be secret is if the funds settle prior to judgement. So the Funds escape scrutiny. You've got your thinking arse about face my friend.
    leek
    4th Jul 2019
    12:43pm
    I am in another class action against Colonial first state. Now idea where that is going. I get emails telling me almost nothing. The lawyers are not doing this for free. I am not expecting much back. I better not be out of pocket, or I will be furious.
    wisky171
    4th Jul 2019
    5:57pm
    I WAS WITH COLONIAL FOR 20+YRS , HAVNT HEARD ABOUT ANY CLASS ACTION , CAN YOU TELL ME MORE
    wisky171
    4th Jul 2019
    5:57pm
    I WAS WITH COLONIAL FOR 20+YRS , HAVNT HEARD ABOUT ANY CLASS ACTION , CAN YOU TELL ME MORE
    maelcolium
    4th Jul 2019
    6:16pm
    Here is the internet contact details for Slater and Gordon who are running the class action.

    https://www.slatergordon.com.au/class-actions/current-class-actions/colonial-first-state-class-action
    floss
    4th Jul 2019
    3:24pm
    Why would any one be silly enough to put their money into a Retail Fund.The big end of town is back in power for another three years so hide your money.
    maelcolium
    4th Jul 2019
    6:17pm
    +1
    Sydst
    8th Jul 2019
    8:59am
    Aha!
    I'd say the bank teller refusing to give me my money last week, breached things too. It was not about protecting ne and my money, it was about hanging onto it by using emotional, mental, and psychological bullying/blackmail, to disempower me, intimidate and thresten me, inferring that I was either wanting to withdraw a large sum for devious/criminal reasons and/or because I am old I am stupid and incapable of making sound decisions and managing my own affairs.
    If anyone else has experienced this I'd appreciate knowing how you have been treated etc.
    Sydst
    8th Jul 2019
    9:04am
    Not a Bludger ...
    Australia is not the USA.
    The USA is not our exemplar.
    Others have just about ruined our good country.
    Nor do I, for one, need a givernment to run my life, tell me what I can and cannot do. There are laws to set everyone including governments, straight on personal and administrative affairs.
    Nor is every Aussie a sheep.
    Sydst
    8th Jul 2019
    9:05am
    Maelcolium: Exactly!
    Sydst
    8th Jul 2019
    9:07am
    And yes, these ARE 'financial crimes'.
    I'll take on the bank, no problem, if need be.
    Adrianus
    9th Jul 2019
    8:33am
    I always thought that Suncorp was owned by the QLD State Government or at least having a 68% ownership gives them a sizeable holding. As you all know the trustees of a super fund are the legal owners. Makes me wonder where this litigation will lead to?
    floss
    9th Jul 2019
    11:20am
    Please join the real world Bludger.