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AustralianSuper fined $27 million for overcharging members, breaches law

AustralianSuper has been fined $27 million for failing to notify members about duplicate accounts, according to Federal Court Justice Lisa Hespe.
Between 2013 and 2022, over 90,000 members incurred around $69 million in losses due to multiple administrative fees and insurance premiums.
Justice Hespe criticized AustralianSuper for lacking proper processes to comply with the Superannuation Industry Act, calling the failure inexcusable.
ASIC's Sarah Court stated that AustralianSuper's misconduct betrayed member trust and highlighted systemic failures in addressing the issue promptly.

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The Express Tribune

AustralianSuper fined $27 million for overcharging members, breaches law

AustralianSuper, the largest superannuation fund in Australia, has been hit with a $27 million fine after the Federal Court found it overcharged tens of thousands of members a total of $69 million. The charges stem from AustralianSuper’s failure to merge duplicate member accounts, which caused financial harm over a period of nearly a decade. The Federal Court ruling, delivered by Justice Lisa Hespe, found that AustralianSuper knew as early as 20…

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9News

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Australia's largest industry superannuation provider has been fined $27 million for failing to notify membe...

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The West Australian

AustralianSuper cops fine over $69m duplicate accounts bungle

A Federal court judge has fined AustralianSuper $27 million after it admitted to contravening the Superannuation Act over members’ duplicate accounts.

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