Suncorp super faces class action
Suncorp in facing a class action over payments to financial advisers.
Law firm William Roberts Lawyers together with Litigation Capital Management announced today they were working together to bring a class action against Suncorp Portfolio Service Limited as trustee responsible for the administration of superannuation funds which are part of the Suncorp Group.
It said the proposed class action would be brought on behalf of members of Suncorp Super Funds to recover compensation for members whose accounts were impacted by charges used to pay conflicted remuneration to financial advisers from 1 July, 2013 to date.
The law firm said the class action will allege that Suncorp Super executed agreements to entrench fees that would otherwise have become unlawful or unenforceable.
It said that, in doing so, the action will allege that Suncorp Super breached its duties to avoid conflicts, act with due care and diligence and act in the best interest of its members and that it will seek compensation plus interest for affected Suncorp Super members for the Conflicted Charges.
The law firm said it was not proposed that any financial advisers be included in the class action.
Recommended for you
ASIC has launched court proceedings against the responsible entity of three managed investment schemes with around 600 retail investors.
There is a gap in the market for Australian advisers to help individuals with succession planning as the country has been noted by Capital Group for being overly “hands off” around inheritances.
ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager.
Having peaked at more than 40 per cent growth since the first M&A bid, Insignia Financial shares have returned to earth six months later as the company awaits a final decision from CC Capital.
