The corporate watchdog wants the Federal Court to fine AustralianSuper a record $27 million for allegedly breaking laws around customer care, calling for a penalty with “real sting and burden” as a warning to other funds.

Accusing the $340 billion fund of “shambolic treatment of a core issue over a long period of time”, it told the court there was “absolutely no excuse” for such a big outfit to have failed to look after members.