from the corporate watchdog over its failure to consolidate the accounts of 90,000 members, which cost those individuals $69 million.
The $300 billion fund then continued to charge those members multiple sets of fees and insurance premiums, which the regulator alleged ate away at their retirement savings.a total of $70 million after disclosing it overcharged them for fees associated with having multiple accounts in May. But ASIC said it was concerned that despite self-identifying the alleged misconduct in 2018, the super fund did not take adequate steps to investigate and resolve the issue until late 2021.“ASIC expects that superannuation funds will put their members first and promptly address issues that cause members to face multiple sets of fees and insurance premiums,” ASIC deputy chair Sarah Court said.