Bank-owned superannuation funds are being targeted for class action by law firm Slater and Gordon on the back of evidence from the banking royal commission.
Millions of Australians are being told to sign up to the Get Your Super Back claim, which will involve a series of class actions, with Commonwealth Bank-owned superannuation fund, Colonial First State and AMP super likely to be the
first targets.
Head of class actions for Slater and Gordon, Ben Hardwick, said it would be alleged big-bank super funds failed to get members competitive cash interest rates on cash option funds and charged exorbitant fees.
"The banking royal commission exposed appalling behaviour by bank-owned super funds," Mr Hardwick said.
"We don't believe exposure is good enough, Australians deserve to get their super back."
Would-be claimants can register through the law firm.
The action will take weeks to months to lodge, depending on registrations and the class actions themselves could take years to resolve.
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