Balanced News: ASIC sues Australia’s largest super fund over duplicate members’ accounts

Australia’s largest superannuation fund, AustralianSuper, is being sued by ASIC for failing to consolidate 90,000 member accounts, resulting in a cost of $69 million over 10 years. ASIC alleges that between July 2013 and March 2023, AustralianSuper did not have proper policies and procedures to identify and merge duplicate accounts, leading to multiple fees and insurance premiums being charged to members. The watchdog is concerned that AustralianSuper did not take adequate steps to address the issue until late 2021 and early 2022. ASIC is seeking penalties and other orders against the fund.