AustralianSuper was fined A$27 million for overcharging customers as a result of failing to merge duplicate accounts, impacting customers for nearly a decade.

Feb 25, 2025•10 months ago

Amount Raised

$27 Million

MelbourneFinancial Services

Description

Last week, AustralianSuper was fined A$27 million by the Federal Court for breaching its obligations under the Superannuation Industry (Supervision) Act 1993. The company incurred penalties for charging fees on duplicate accounts, which over nine years cost customers around $69 million.

Company Information

Company

AustralianSuper

Location

Melbourne, Florida, United States

About

AustralianSuper manages around A$300 billion in members' retirement savings on behalf of more than 3.1 million members from more than 448,000 businesses. This media release may include general financial advice which doesn't take into account your personal objectives, financial situation or needs. Before making a decision consider if the information is right for you and read the relevant Product Disclosure Statement, available at australiansuper.com/pds. A Target Market Determination (TMD) is a document that outlines the target market a product has been designed for. Find the TMDs at australiansuper.com/tmd. AustralianSuper Pty Ltd ABN 94 006 457 987, AFSL 233788, Trustee of AustralianSuper ABN 65 714 394 898. SOURCE AustralianSuper

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AustralianSuper was fined A$27 million for overcharging customers as a result of failing to merge duplicate accounts, impacting customers for nearly a decade.

Description

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Company Information