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
Licensing regulation should prioritise consumer outcomes over institutional convenience, according to Assured Support, and the compliance firm has suggested an alternative framework to the “licensed and self-licensed” model.
The chair of the Platinum Capital listed investment company admits the vehicle “is at a crossroads” in its 31-year history, with both L1 Capital and Wilson Asset Management bidding to take over its investment management.
AMP has settled on two court proceedings: one class action which affected superannuation members and a second regarding insurer policies.
With a large group of advisers expecting to exit before the 2026 education deadline, an industry expert shares how these practices can best prepare themselves for sale to compete in a “buyer’s market”.
