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Showing 1 - 10 of 10 results for "cheaper MySuper"

Colonial First State settles super class action for $56.3m

ELIZABETH MCARTHUR  |  MONDAY, 4 APR 2022
... rorted on fees. The class action alleged that CFS deliberately delayed transferring super fund members to the cheaper MySuper products, and left them in accounts with unnecessarily high fees, bearing the cost of commissions to financial planners, and ...

CFS fined $20m over super misconduct

JAMIE WILLIAMSON  |  TUESDAY, 19 OCT 2021
... CFS had misled members on almost 13,000 regarding investment decisions, possibly deterring them from moving to a cheaper MySuper product. "The $20 million penalty handed down to Colonial is a timely reminder to superannuation trustees not to mislead ...

Colonial First State seeks MySuper redemption

ANNABELLE DICKSON  |  TUESDAY, 19 OCT 2021
... The wealth manager is also facing penalties over its conduct in rolling members out of FirstChoice and into its cheaper MySuper product over a period of two years.

CFS reduces premiums

ELIZABETH MCARTHUR  |  WEDNESDAY, 15 SEP 2021
... The wealth manager is also facing penalties over its conduct in rolling members out of FirstChoice and into its cheaper MySuper product over a period of two years.

APRA approves MLC super takeover

ELIZABETH MCARTHUR  |  FRIDAY, 7 MAY 2021
... 330,000 MasterKey members who accuse the trustee of breaching its duties by delaying the transition of members to cheaper MySuper products.

NAB MySuper class action heads to Federal Court

JAMIE WILLIAMSON  |  MONDAY, 12 APR 2021
... MasterKey members accuses the super trustees of breaching their duties by delaying the transition of accounts to cheaper MySuper products. On 18 December 2020, the Supreme Court of Victoria ruled the case invalid. A spokesperson for Maurice Blackburn ...

Colonial First State cops licence conditions

JAMIE WILLIAMSON  |  THURSDAY, 2 JUL 2020
... investigation of a matter raised by the Royal Commission - the licensee's failure to transfer members to a cheaper MySuper product until just before the deadline. APRA reached the same determination as with CFSIL and has imposed a new condition that ...

Adviser tampered with MySuper

ELIZABETH MCARTHUR  |  FRIDAY, 1 NOV 2019
... ban after he was found to have stopped 331 Aon Master Trust default superannuation members from switching to the cheaper MySuper option. Thanh Huu Tran has been banned for two years as a result of the misconduct. He was an authorised representative of ...

Retail super funds reject MySuper delays

KARREN VERGARA  |  TUESDAY, 4 SEP 2018
... standards and contravened the Superannuation Industry (Supervision) Act by delaying the transition of members into cheaper MySuper products. In response to recommendations put forth to Commissioner Kenneth Hayne on August 24, many retail funds denied ...

Poor systems delay MySuper transitions: CFS

KARREN VERGARA  |  WEDNESDAY, 15 AUG 2018
... assisting Michael Hodge questioned why CFS dragged its feet in transitioning 13,000 FirstChoice Personal members into cheaper MySuper default products. CFS reported to APRA it breached section 29WA of the Superannuation Industry (Supervision) Act which ...
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