Sat, 12th Oct 2024

In this episode of the Weekly Superannuation News Wrap, Paige Estritori discusses a milestone event in the financial industry. A $50 million settlement has been reached by OnePath Custodians, ANZ, and Zurich Australia over the 'fees-for-no-service' scandal, signalling a win for the 'get your super back' campaign led by Slater and Gordon. This landmark case sets a precedent for financial accountability, spotlighting unethical practices. OnePaths current and former parent, Insignia Financial and ANZ, will shoulder majority of this burden, pending court approval. This comes amidst previous penalties against OnePath. This overall narrative speaks to continuous accountability issues within the industry. This settlement opens doors for other claims and serves as a benchmark in financial institution conduct regulation.