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.
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.
