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) (https://www.lcmfinance.com/class_action/suncorp-super/), a leading international provider of litigation financing solutions, are working together in bringing claims against Suncorp Portfolio Services Limited (Suncorp Super), a trustee responsible for the administration of superannuation funds and part of Suncorp Group Limited, Mr Geoffrey Edward Summerhayes and Mr Sean Carroll who were the directors of Suncorp.

If you have any queries concerning this Suncorp Super Class Action, please email: SSFclassaction@williamroberts.com.au and provide us with your telephone number for us to call you back on (if you prefer to speak with a member of our team). We will endeavour to respond as soon as possible. We appreciate your patience and understanding while a response to your inquiry is outstanding.

Important notice issued by the Supreme Court of NSW

Please note the Supreme Court of New South Wales has ordered that the plaintiff’s application to file the Proposed Further Amended Summons and Proposed Further Amended Commercial List Statement be listed for hearing at 9:45am on Friday, 17 September 2021.

Key allegations in the Suncorp Super Class Action

This class action was commenced in the Supreme Court of New South Wales by Mr Kerry Michael Quirk, the Plaintiff, on his own behalf and on behalf of all persons who are “Class Members” against Suncorp Super, as trustee of the Suncorp Master Trust (Suncorp) and also against Mr Geoffrey Edward Summerhayes and Mr Sean Carroll, who were directors of Suncorp. This class action involves allegations concerning:

(1) Conflicted remuneration including:

(a) commissions paid to Financial Services Licensees (as defined in the Amended Commercial List Statement - ACLS) in relation to Suncorp Products (as Defined in the ACLS) including
(i) commissions on contributions by members;
(ii) ongoing commissions paid on account of balances of member accounts;
(iii) commissions on insurance premiums;
(iv) amounts paid on the total amount of funds that Financial Services Licensees introduced to Suncorp; and

(b) benefits given to a Financial Services Licensee who provided financial product advice to persons as retail clients that, because of the nature of the benefit or the circumstances in which it was given:
(i) could reasonably be expected to influence the choice of financial product recommended by the licensee or representative to retail clients; or
(ii) could reasonably be expected to influence the financial product advice given to retail clients by the licensee or representative,

(Conflicted Remuneration); and

(2) The charging of fees by Suncorp to members which included amounts (Excess Fees) to fund the payment of Conflicted Remuneration.

The Plaintiff alleges that:

(a) Suncorp’s ongoing decision to pay Conflicted Remuneration;
(b) each act of paying Conflicted Remuneration; and
(c) the charging of Excess Fees to fund the payment of Conflicted Remuneration, after 1 July 2013, were contraventions of the duties Suncorp owed to the Plaintiff and the Class Members under the Superannuation Industry (Supervision) Act 1993 (Cth) and were breaches of the trust deed.

Important documents filed in the Suncorp Super Class Action