Suncorp Super Class Action
Class Action regarding the payment by Suncorp Superannuation of conflicted remuneration to financial advisers using member’s funds
William Roberts Lawyers and Litigation Capital Management Limited (LCM), a leading international provider of litigation financing solutions, are working together to bring a class action against Suncorp Portfolio Service Limited (Suncorp Super), a trustee responsible for the administration of superannuation funds (Suncorp Super Funds) and part of Suncorp Group Limited.
From 1 July 2013, the Future of Financial Advice Reforms (FOFA Reforms) banned conflicted remuneration for financial advisors, being commissions and other payments that could reasonably influence the advice given to retail clients. Under ‘grandfathering provisions’ of the FOFA Reforms, certain commissions or other payments to be made under an arrangement entered into prior to 1 July 2013 were excepted from the ban.
The class action will allege that Suncorp Super executed agreements to entrench fees to be used for payment of conflicted remuneration to financial advisers that would otherwise have become banned and unlawful from 1 July 2013 as a result of the FOFA Reforms (Conflicted Charges). In doing so, the class action will allege Suncorp Super breached its duties to avoid conflicts, act with due care and diligence and act in the best interest of its members.
It is not proposed that any financial advisers be sued in the class action.
What compensation will be claimed?
The main compensation to be sought for affected Suncorp Super members will effectively be a refund of the Conflicted Charges to members plus interest.
Who can participate in the class action?
The proposed class action will be brought on behalf of members of the Suncorp Super Funds whose accounts have been impacted by the payment of the Conflicted Charges from 1 July 2013.
Will it cost anything to participate in the class action?
The class action will be funded by litigation funder, LCM on a “no win, no pay” basis in accordance with the terms of a funding agreement or terms imposed by the Court. If the class action is successfully resolved and there is a recovery of compensation, LCM will be entitled to reimbursement of the costs it has spent plus a commission from such recovery only.
Essentially, there are no ‘out of pocket’ costs for class members to pay. Class members do not have to pay anything in the event that the class action is unsuccessful, as LCM agrees to pay any legal costs that might be awarded to the Suncorp Super or any other defendants.
How can affected Suncorp Super Fund members participate in the class action?
If you are affected or believe you may be affected but are unsure, you can register you interest in the class action by completing the Registration Form on this website. Once you register, we will contact you to confirm whether you can participate to claim compensation and provide you with further information about the action.
Registration is free and without obligation. Merely registering via this website does not bind you to any contract or commitment.
IF YOU WISH TO FIND OUT MORE – You can call us on 02 9552 2111 or email us at SSFclassaction@williamroberts.com.au. REGISTER YOUR INTEREST BY COMPLETING THIS FORM.