NAB facing potential super class action
Wed 10 July 2019 - 12:33 pmNews
NAB faces potential class action proceedings over excess superannuation fees levied by its wealth arm.
William Roberts Lawyers is inviting MLC Super fund customers to sign up to the no-win, no-fee action, which is backed by litigation funder IMF Bentham and will seek compensation plus interest for the excess fees.
The action will allege that, from when MLC changed the structure of its super funds on July 1, 2016, NAB-owned super fund trustee NULIS breached its best-interest obligations to members by agreeing to levy excess fees from their accounts to pay commissions and other fees to advisers.
The payments were in contravention of the Future of Financial Advice Reforms that came into effect on July 1, 2013, and banned conflicted remuneration for financial advisers.
MLC has already been hit by one class action following the financial services royal commission, with proceedings launched last year alleging that thousands of customers were sold worthless credit card insurance.
Law firm Slater and Gordon was last month given permission to widen the action to include people who were sold personal loan insurance.
NAB and William Roberts Lawyers did not immediately respond to requests for comment.