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.
Comments
However it is perfectly fine for Australian Super to pay salaries to 20 in house advisers out of the investment fees paid by members not receiving any advice? This is getting awfully smelly, and will need investigation at Senate Estimates.
Were members of Suncorp Super receiving better or worse growth/returns as compared to Australian Super ??
that is irrelevant to advice.
Several years ago i was charged $1650 for financial super advice & it was to close my Everyday Super & open a Brighter Super account..sure seemed expensively wrong!
Met a guy about 5 years ago (who is still in the industry by the name of Mario F) who headed up advisers in Qld for this comedy outfit. His attitude and the 1980's white shoe attitude of the advisers was extremely scary, utter disregard by most for compliance and client BID. No surprise when Suncorp closed down there adviser distribution, and even less surprise when ASIC banned a number. Pity ASIC doesn't also ban those in management who led the dodgy planners.
This is spot on these managers suck up the bonuses ,by putting pressure on the planners to hit targets, then just move onto the next insto to feed from the trough again. Teflon coated some of these people. Its unbelievable they keep getting hired
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