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QSuper to face class action
Queensland’s largest superannuation fund has been hit with a class action and accused of overcharging members for life insurance policies.
Lauren Croft
QSuper members, represented by Shine Lawyers, have filed the class action in the Federal Court after the company failed to notify them of changes to premiums.
The class action comes after the ATO launched an audit of the fund over a suspected $200 million franking credit stripping scheme in October.
Additionally, the company has previously faced backlash from members over lacking climate policies. In March this year, over 140 QSuper members penned a letter to the company with concerns it wasn’t taking climate change seriously.
Shine Lawyers class actions practice leader Joshua Aylward said QSuper’s conduct resulted in significant financial loss for up to 140,000 members.
“QSuper changed their life insurance policy on 1 July 2016 and failed to adequately notify its members of how to get cheaper premiums,” he said.
“Significantly, most of the fund members impacted are Queensland government employees and their spouses, teachers and health industry workers like doctors and psychiatrists.”
White-collar workers were also charged the same increased premiums, despite not having the same risk factors present in their jobs – resulting in tens of thousands of QSuper members losing out on superannuation investments.
“It’s incredibly disappointing that essential workers serving our community at all hours are those taken advantage of by this super fund,” Mr Aylward added.
Lauren Croft
Lauren is a journalist at Lawyers Weekly and graduated with a Bachelor of Journalism from Macleay College. Prior to joining Lawyers Weekly, she worked as a trade journalist for media and travel industry publications and Travel Weekly. Originally born in England, Lauren enjoys trying new bars and restaurants, attending music festivals and travelling. She is also a keen snowboarder and pre-pandemic, spent a season living in a French ski resort.
