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APRA takes action over fees charged to dead super members

APRA has placed additional conditions on a Commonwealth Bank-owned licensee after it charged adviser service fees to thousands of dead superannuation members.

APRA takes action over fees charged to dead super members
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  • Shared by the ifa
  • December 13, 2019
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Avanteos, which is a registrable superannuation entity (RSE) licensee, charged adviser service fees to the accounts of 2,234 deceased members between 2003 and 2018, of which the total financial impact was more than $6 million (inclusive of interest paid), APRA said in a statement.

Read more at the ifa

 

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