EPISODE · Oct 12, 2024
Sun, 13th Oct 2024
from Superannuation News Wrap · host Paige Estritori
This episode of the Weekly Superannuation News Wrap discusses the OnePath class action settlement case which marks a major victory for financial accountability in Australia. OnePath Custodians, ANZ, and Zurich Australia have agreed on a hefty $50 million settlement due to the controversial fees-for-no-service scandal. The case suggested they redirected investments to underperforming ANZ options. Current owner, Insignia Financial, will contribute $22 million, with former owner ANZ contributing $14 million to the settlement. The judicial approval of these payments is pending and none of the involved parties have acknowledged any fault. This case is a part of Slater and Gordon's "get your super back" campaign which aims to fight excessive superannuation fees. The host also reflects on OnePath's previous penalties and explores the implications this agreement could have on future corporate accountability and transparency.n
What this episode covers
This episode of the Weekly Superannuation News Wrap discusses the OnePath class action settlement case which marks a major victory for financial accountability in Australia. OnePath Custodians, ANZ, and Zurich Australia have agreed on a hefty $50 million settlement due to the controversial fees-for-no-service scandal. The case suggested they redirected investments to underperforming ANZ options. Current owner, Insignia Financial, will contribute $22 million, with former owner ANZ contributing $14 million to the settlement. The judicial approval of these payments is pending and none of the involved parties have acknowledged any fault. This case is a part of Slater and Gordon's "get your super back" campaign which aims to fight excessive superannuation fees. The host also reflects on OnePath's previous penalties and explores the implications this agreement could have on future corporate accountability and transparency.n
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Sun, 13th Oct 2024
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