NAB fund whacked with class action over advice fees

A law firm has brought a class action against a NAB-owned superannuation fund, the second such action it has pursued this month.

The class action from William Roberts Lawyers and IMF Bentham is against the MLC Super Fund trustee company, NULIS Nominees (Australia), according to a statement.

The action relates to excess fees charged to members of the fund from 1 July 2016 onwards. It will allege NULIS breached its obligations to the members of the MLC Super Fund, when it agreed to levy and levied excess fees from member’s accounts in order to pay commissions and other fees to advisers.

As a result, William Roberts will allege that this constituted a breach of NULIS' duty to act in the best interests of the members of the MLC Super Fund.

It is not proposed that any financial advisers be sued in the class action, William Roberts said.

The move follows a similar class action William Roberts pursued earlier this month against Suncorp Super.

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Other class actions launched in recent months include one against AMP from Slater and Gordon in relation to its super fees and one from Maurice Blackburn, also against AMP, relating to a similar matter.

However, Maurice Blackburn’s claim only goes back as far as 30 May 2013, while Slater and Gordon is seeking compensation for losses as far back as 2008.

Adrian Flores

Adrian Flores

Adrian Flores is a features editor at Momentum Media, focusing mainly on banking, wealth management and financial services. He has also written for Public Accountant, Accountants Daily and The CEO Magazine.

You can contact him on [email protected].

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