William Roberts Lawyers and Litigation Capital Management Limited (LCM), a leading international provider of litigation financing solutions, are working together to bring a class action against Suncorp Portfolio Service Limited (Suncorp Super), a trustee responsible for the administration of superannuation funds (Suncorp Super Funds) and part of Suncorp Group Limited.
The proposed class action will be brought on behalf of members of Suncorp Super Funds to recover compensation for members whose accounts were impacted by charges used to pay conflicted remuneration to financial advisers from 1 July 2013 to date (Conflicted Charges).
The class action will allege that Suncorp Super executed agreements to entrench fees that would otherwise have become unlawful or unenforceable. In doing so, the action will allege that Suncorp Super breached its duties to avoid conflicts, act with due care and diligence and act in the best interest of its members.
The class action will seek compensation plus interest for affected Suncorp Super members for the Conflicted Charges.
It is not proposed that any financial advisers be included in the class action.
Bill Petrovski, Principal of William Roberts Lawyers, said “We have formed the view that, since 1 July 2013, Suncorp Super members have been wrongfully stripped of hard-earned monies used for the payment of commissions and other fees to financial advisers. Those monies should now be repaid.”
Patrick Moloney, CEO of LCM said “LCM has a longstanding and successful track record of identifying and financing class actions that meet our rigorous due diligence criteria. We are pleased to be working alongside William Roberts Lawyers, who have significant expertise in managing class action matters, and believe this proposed class action will give members of Suncorp Super Funds the opportunity to be compensated for fees they should not have incurred.”
BACKGROUND INFORMATION
FOFA Reforms and conflicted remuneration
From 1 July 2013, the Future of Financial Advice Reforms (FOFA Reforms) banned conflicted remuneration for financial advisors, being commissions and other payments that could reasonably influence the advice given to retail clients. Under ‘grandfathering provisions’ of the FOFA Reforms, certain commissions or other payments to be made under an arrangement entered into prior to 1 July 2013 were excepted from the ban.
WHAT CAN AFFECTED SUNCORP SUPER MEMBERS DO?
Those who are affected or believe may be affected can register their interest in the class action.
ABOUT WILLIAM ROBERTS LAWYERS
William Roberts is a dynamic and innovative law firm with a focus on dispute resolution and litigation, with significant expertise in class actions. The firm has offices across Sydney, Melbourne, Brisbane and Singapore.
For further information please visit William Roberts Lawyers
Litigation Capital Management (“LCM”) is a leading international provider of litigation financing solutions. This includes single-case and portfolio; across class actions, commercial claims, claims arising out of insolvency and international arbitration. LCM has an unparalleled track record, driven by effective project selection, active project management and robust risk management. Headquartered in Sydney, with offices in London, Singapore, Brisbane and Melbourne, LCM has been listed on AIM (part of the London Stock Exchange) since December 2018, trading under the ticker LIT.
