The wealth management institution has been hit with a class action relating to “excessive fees” charged to super fund members.
In a statement, IOOF said Slater and Gordon had filed a class action against OnePath Custodians – the super business it purchased from ANZ – on behalf of members of ANZ and OnePath super products.
A statement from the compensation firm said the action alleged that trustees of the super products had “breached their duties to members by charging excessive fees in order to pay unnecessary commissions to advisers, resulting in high fees for no additional benefit to members”.
The claim relates to commissions paid prior to 30 June 2013.
The action also alleged that trustees of the products had committed a further breach by placing member funds invested in cash options into ANZ accounts “rather than shopping around for better interest rates”.
IOOF said OnePath Custodians had not yet been served with the proceedings but that it was the business’ intention to defend the claims.