CFS, AMP likely first targets in Slater and Gordon’s crosshairs
Slater and Gordon has launched a series of class actions aimed at retrieving retirement savings that may have been gouged from members by bank-owned super funds, with Commonwealth Bank-owned super fund, Colonial First State, and AMP super likely to be the first targets.
The allegations arise from evidence given before the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry.
“Slater and Gordon will take on the banks on behalf of millions of Australians whose retirement savings may have been gouged by bank-owned super funds lining their pockets,” the law firm said.
The firm alleges the big bank-backed super funds failed to obtain for members competitive cash interest rates on cash option funds, and charged exorbitant fees, affecting millions of members who held part or all of their superannuation in bank-owned funds.
Recommended for you
The winners have been announced for the 2025 Super Fund of the Year Awards, held in Melbourne on 26 November.
Australian Ethical Superannuation has seen additional licence conditions imposed on it by APRA over the fund’s expenditure management.
The fund has strengthened its leadership team with three appointments to drive its next phase of growth and innovation.
ASIC and APRA have warned many trustees have failed to meaningfully improve retirement strategies despite the retirement income covenant being in place for three years.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
211.16 3 y p.a(%)
2
Loftus Peak Global Disruption Fund Hedged
121.06 3 y p.a(%)
3
Global X 21Shares Bitcoin ETF
72.47 3 y p.a(%)
4
Paradice Australian Mid Cap A
69.09 3 y p.a(%)
5
Smarter Money Long-Short Credit Investor USD
68.96 3 y p.a(%)
