ASIC sues for members’ lost $69m in warning to super industry
The corporate watchdog is suing Australia’s biggest super fund over its failure to consolidate the accounts of more than 90,000 members, and warns that other funds are also in its sights for similar misconduct.
The Australian Securities and Investments Commission alleged that AustralianSuper failed to have adequate policies and procedures in place to merge duplicate accounts despite their duty to act in members’ best interests, costing those individuals a collective $69 million.
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