AustralianSuper in 100,000 member remediation
Major superannuation fund, AustralianSuper, has held its hand up to having to remediate around 100,000 members over multiple accounts.
The fund reported today that the cost of the remediation is expected to be around $70 million, with the average payment being $650 per impacted member.
Announcing the move, AustralianSuper said the problem had been identified as part of a review process with respect to multiple accounts held by members.
“The fund regulatory identifies and combines multiple accounts held by a single member to help those members avoid extra fees,” the fund said. “Following our review, we identified that our processes did not cover all instances of multiple member accounts. This should not have happened and we apologise unreservedly to members.”