Australian Super Fined $27M for Failing to Merge Member Accounts
                     Australian Super 
Fined $27M for 
Failing to Merge 
Member Accounts
Australian Super, Australia’s largest superannuation fund, 
has been ordered to pay a $27 million penalty after the 
Federal Court found it failed to merge multiple member 
accounts—breaching its fundamental obligations to 
members.
The Court ruled that Australian Super lacked the 
necessary processes and systems to ensure compliance, 
with Justice Hespe calling the failures “serious and highly 
concerning.” She noted that for nearly nine years, the 
fund failed to identify and rectify its non-compliance, 
describing this as a systemic issue.
ASIC Deputy Chair Sarah Court stated, “This penalty 
reflects the severity of misconduct by Australia’s largest 
super fund, which betrayed member trust and failed to 
act in their best financial interests.”
Between July 2013 and March 2023, approximately 
90,700 AustralianSuper members were impacted, 
incurring an estimated $69 million in unnecessary fees, 
insurance premiums, and lost investment earnings. All 
affected members have since been remediated.
This case marks ASIC’s first legal action, alongside APRA, 
under section 52 of the Superannuation Industry 
(Supervision) Act 1993 (Cth). ASIC has reaffirmed its 
commitment to holding superannuation trustees 
accountable to ensure members receive the service and 
protections they deserve.
https://www.ikeep.com.au/