Superannuation class action is coming says Slater and Gordon
A class action on behalf of millions of Australians is about to be launched by Slater and Gordon.Initial claims will focus on excessive fees charged for administering MySuper accounts and the low interest rate members received and fees charged on their cash-only fund options.
MySuper superannuation accounts were intended to be a low-fee and low-fuss account option,” said Head of Class Actions Ben Hardwick. “This has not proven to be the case here. We will allege that AMP Super breached its obligations by failing to negotiate the lowest fees possible and that, by contracting with AMP Life to administer the funds, it did not manage this conflict of interest and instead put the profits of related entities ahead of members’ interests.”
He added that there are likely to be other excessive fee claims regarding AMP Super.
Litigation funder Therium has an in-principle agreement with Slater and Gordon to fund the action.
Watch out AMP here comes SGH!!!
