ASIC prosecutes AustralianSuper over duplicate superannuation fund member accounts
The corporate watchdog has launched legal action against Australia’s biggest superannuation fund for failing to consolidate the accounts of 90,000 members, costing the people affected $69 million. The Australian Securities and Investments Commission claims AustralianSuper failed to identify members who had multiple accounts and merge them for almost 10 years. The fund then charged fees…