A statement of agreed facts and admissions has been filed in the Federal Court by ASIC, MLC Nominees and NULIS.
The statement sets out facts that the parties have agreed are not to be disputed. Provision has been made for the parties to file any further evidence with the Court and for submissions on liability and penalty.
ASIC alleges that NULIS Nominees and MLC Nominees misled members of the MLC MasterKey Super products, as well as charging $33 million in plan service fees from 220,000 no-adviser members of MLC MasterKey Business and MLC MasterKey Personal Super.
ASIC also alleges that NAB deducted approximately $67 million in plan service fees from 300,000 members of MLC MasterKey Personal Super where plan advisers were not required to provide services or members did not receive services.
A NAB spokesperson told ifa that NULIS, the trustee, stopped deducting plan service fees from MLC MasterKey Personal Super member accounts on 30 September 2018 and MasterKey Business Super accounts on 30 November 2018.
ASIC seeks declarations of contravention and civil penalty from the Federal Court.
Correction: An earlier version of this article reported that ASIC had begun proceedings today. That was incorrect. Proceedings began in September 2018. This article also stated that ASIC had sought damages of $850 million. That figure was overall remediation costs for investigations into fees for no service across the industry.
APRA-regulated super funds could create better member outcomes by taking the sam...
Australian high-net-worth investors lost more money than their global counterpar...
The negative impact of COVID-related market volatility on clients’ super inves...