The proposed class action will be brought on behalf of Suncorp Super Funds members to recover compensation for those members with accounts impacted by charges used to pay conflicted remuneration to financial advisers from July 2013 to now, a statement said.

William Roberts Lawyers said it will work with Litigation Capital Management Limited to bring the action, which will allege that Suncorp Super executed agreements to entrench fees that would otherwise have become unlawful or unenforceable.

In conducting itself in this way, it is alleged that Suncorp Super breached its duties to avoid conflicts, act with due care and diligence and act in the best interest of its members.

William Roberts Lawyers principal Bill Petrovski said “we have formed the view that, since 1 July 2013, Suncorp Super members have been wrongfully stripped of hard-earned monies used for the payment of commissions and other fees to financial advisers.”

“Those monies should now be repaid,” he continued.

Also commenting on the class action, Litigation Capital Management Limited’s CEO Patrick Moloney said “LCM has a longstanding and successful track record of identifying and financing class actions that meet our rigorous due diligence criteria”.

He said the litigation funder is “pleased to be working alongside William Roberts Lawyers, who have significant expertise in managing class action matters, and believe this proposed class action will give members of Suncorp Super Funds the opportunity to be compensated for fees they should not have incurred”.

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It comes after last week’s filing of a class action against AMP by Maurice Blackburn in the Federal Court. 

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