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Thank you for registering your interest. Your responses will help us get your super back. We'll be in touch soon with more information.
How have you been ripped off?
Around a third of Australian adults are members of big bank-owned superannuation funds.
This year, the banking Royal Commission revealed these bank-owned funds may have been ripping off their members. They’ve done this through:
- Charging members exorbitantly high fees;
- charging members for services they don't actually provide.
At $1,600 per year, the average Australian household spends more on superannuation fees than their electricity bills
We're happy the Royal Commission has exposed these dodgy practices, but we don't believe exposure alone is good enough.
We think you deserve to Get Your Super Back.
What is the ‘super cash rip-off’?
When you hand over your wages to a superannuation fund, there are different ways that funds can invest it.
The safest and most conservative option is 'cash.' Cash means your money is not creatively invested in the market, it's just invested in a bank account where it collects interest. If you’re a conservative investor who doesn't want any surprises with their super, steering your super toward the 'cash' option seems like a safe bet.
When your super fund invests your money in cash it doesn't have to do anything. It just takes your money and puts it in a bank. When your super fund is owned by a big bank, it will almost always put your money into that parent bank. However, the trustee has a legal duty to get you the best possible interest rate.
What funds like Colonial First State have been doing is dumping super with a parent bank such as CBA. The interest from the parent bank is so low that some investors in the cash option are receiving returns as low as 1.25% a year - which is even below the RBA cash rate.
This rate is ludicrously low. Standard bank interest should be around 2.0 to 2.5 per cent. That's what most banks offer to ordinary customers with their normal term-deposits.
Up until now, big bank-owned super funds have been getting away with this practice. This has to stop.
A class action is a type of legal proceeding in which one person, the representative plaintiff, brings a claim on behalf of a wider group of people who have been affected by the same conduct. By grouping claims together and pursuing them collectively, the overall value of the claim makes it economically worthwhile to do so, even if the value of the individual claims are relatively low.
We are bringing class actions against super funds owned by the big-banks. The allegations arise from evidence to the banking Royal Commission.
There have been many instances of misconduct revealed at the Royal Commission by the big banks. The legal actions will aim to cover as much of this misconduct as possible.
Slater and Gordon’s first focus will be Commonwealth Bank-owned superannuation fund, Colonial First State and AMP Super. The firm will allege these super funds failed to obtain a competitive cash interest rate, and charged exorbitant fees, affecting millions of members who held part or all of their superannuation in bank owned funds.
These class actions will be the initial actions of the Get Your Super Back campaign, which will aim to claw back money stripped by the big banks from the retirement savings of ordinary Australians. Slater and Gordon expect that around one third of the adult population may be eligible to join the actions.
Slater and Gordon will act on behalf of the affected members of these super funds. We have a nearly 90 year history of holding to account those who seek to do the wrong thing by Australians and we won’t shy away from a fight.
For decades, we’ve made our name taking on hard cases and pursuing them relentlessly to achieve the best possible results for our clients. We ran some of the earliest class actions in Australia and made history by achieving landmark settlements and judgments for groups affected by issues such as environmental contamination, defective medical products and financial misconduct.
Many of our cases have also had a lasting legacy in improving corporate and governmental conduct, which helps to reduce the chances of our clients’ harms and losses happening to others again in the future.
We will assess the viability of bringing each case against the super funds owned by the big banks.
In the registration process, you will need to nominate a fund(s) that you belong to (or once belonged to). If we decide to commence an action against your fund, we will get in touch with you closer to the time and provide you with more information and invite you to join the class action.
We will also keep you up to date with updates and information about the Get Your Super Back campaign.
The value of your claim will depend on which super fund you are with, and what allegations Slater and Gordon might bring against them.
For example, if your super is with Colonial First State (CFS), the firm will allege that CFS failed to obtain a competitive cash interest rate. The value we will claim will be the difference between your returns on cash, and the returns you would have received if CFS had done its job, and obtained the best available interest rate.
If your super is with AMP, the firm will allege that AMP charged members exorbitant administration fees. In this instance, the value we will claim will be the difference between the fees you paid, and the fees you would have paid if AMP had done its job, and obtained the lowest possible administration fees.
In some instances the banks may have only wrongly taken a little bit from their members. But we think that this money belongs in your pocket, not theirs. That’s why it’s our mission to Get Your Super Back.
As long as you were affected by the misconduct alleged in the six years immediately before the class action is launched, you may be included in any class action against that super fund - even if you have moved to a new super fund or accessed your superannuation upon retirement.
The most likely structure of any litigation will be separate class actions against each super fund. If class actions are launched against more than one of your super funds, you can be a member of multiple class actions.
Slater and Gordon are working with litigation funding companies to provide financial support for these cases. These companies meet the costs of legal action, including the costs risks of an unsuccessful action. They do this in exchange for a share of any monies recovered. Under these arrangements, you will never have to pay anything out of pocket as payment is only made from the proceeds of the litigation. Additionally, all such costs in class actions must first be approved by the court. Again, if we decide to commence an action against your particular super fund, we will get in touch with you closer to the time and provide you with more information about how that claim relates to you and invite you to join the action then.
The time taken for the legal proceedings will depend on which class actions are brought against which super funds. The time taken for litigation also depends upon the tactics adopted by the bank-owned super funds and how far the matter needs to go before it is concluded. As a general guide, we expect that the legal proceedings could take between six months and three years.
Your personal information will only be used for the purpose of the legal proceedings as required by the Court, or by law. In all other cases, we will seek your consent before disclosing any of your personal information. We will not disclose any personal information to third parties, including other clients.
Initially, we will only require you to provide the information requested during the registration process. If we decide to commence an action against your fund, we may get in touch with you to request further information.
You may be required to provide details of your investment in some instances, but you will not be required to devote time and resources to the proceedings. For example, you will not be required to attend court or meet with a lawyer.
You can still register your interest in relation to the Get Back Your Super Campaign but we will not be providing you with advice about your disability entitlements as part of the registration process.
If you require advice about your entitlement to a disability benefit under your super fund please visit the superannuation and disability insurance claims page or call 1800 958 071 to speak to one of our experts.
All you need to do is register your interest. At this stage, you have not joined a class action, you have only registered your interest. If we decide to commence an action against your fund, we will get in touch with you closer to the time and invite you to join the class action.