Last week the Federal Court fined Australia’s biggest superannuation company, AustralianSuper, A$27 million for overcharging customers.
The company had breached its legal obligations under the Superannuation Industry (Supervision) Act 1993 by failing to identify and merge the duplicate accounts of customers.
Given the individual errant fees were about $1.50 per duplicate account, the penalty might sound disproportionate to the wrongdoing.
