Most Australians are now aware of the disturbing practices uncovered during the recent Royal Commission into misconduct in the Banking, Superannuation and Financial Services Industry.
The findings effectively amounted to unscrupulous operators overcharging clients and providing financial advice that was not in the best interests of their customers, but instead geared toward promoting other products offered by their own institutions.
While the culpable banks, lending institutions and super funds have rushed to correct their ways, the victims – millions of everyday Australians – have received precious little recourse.
But that might be about to change.
This week, leading superannuation fund manager AMP was hit with a massive Class Action, seeking to reclaim excessive fees that are alleged to have been applied to possibly millions of accounts.
As well as claiming AMP, as well as its trustees, failed to adequately monitor the level of its fees and source more competitive alternatives, the Action also says AMP paid itself “handsome fees” by using associated entities to manage the funds.
After the proceeding was filed in the Federal Court on Monday, AMP indicated it would be “vigorously defended”.
It is estimated that up to 2.5 million accounts could have been affected. With observers believing some accounts were overcharged by thousands of dollars, the potential damages figure could be gargantuan.
Encouraged to contribute income to secure a comfortable retirement and ease pressure on the public welfare, working Australians place enormous trust in their superannuation providers.
If you fear your nest egg has been unfairly affected by any of the practices identified by the Royal Commission, please don’t hesitate to contact our team of experts. Tonkin Drysdale Partners specialises in helping everyday Australians get what they deserve – a fair go.