Australia's biggest super fund hit with massive fine

Australia's largest industry superannuation provider has been fined $27 million for failing to notify members of their duplicate accounts.

Federal Court Justice Lisa Hespe on Friday made the ruling against AustralianSuper, finding it contravened the Superannuation Industry Act.

The company admitted that between July 2013 and June 2022, more than 90,000 of its members had multiple accounts that should have been merged.

To read more: https://www.9news.com.au/national/australiansuper-hit-with-massive-fine-by-asic/9dbc8eea-9871-4d84-86fb-1acf936c3cc0