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
An adviser has received a written reprimand from the Financial Services and Credit Panel after failing to meet his CPD requirements, the panel’s first action since June.
AMP has reported a 61 per cent rise in inflows to its platform, with net cash flow passing $1 billion for the quarter, but superannuation fell back into outflows.
Those large AFSLs are among the groups experiencing the most adviser growth, indicating they are ready to expand following a period of transition and stabilisation after the Hayne royal commission.
The industry can expect to see more partnerships in the retirement income space in the future, enabling firms to progress their innovation, according to a panel.
