13.1 Background

Each of the case studies concerning Colonial First State (CFS), NAB and AMP included consideration of trustees charging fees for services that were not provided.

The Commission received evidence in three other case studies that raised similar issues. The three cases were:

  • State Super Financial Services Australia Limited (StatePlus), now a subsidiary of FSS Trustee Corporation (FTC).[1] The Commission received a written statement from Mark Lennon, a director of FTC and StatePlus, in relation to this case study.
  • Asgard Capital Management Limited (Asgard) and BT Funds Management Limited (BT), both part of the Westpac Group. The Commission received a written statement from Melinda Howes, Executive Director, Superannuation Boards and General Manager Superannuation, BT Financial Group in relation to this case study.
  • OnePath Custodians Pty Ltd (OPC), a subsidiary of ANZ. The Commission received written statements from Mark Pankhurst, Head of Superannuation, Pensions and Investments for ANZ Wealth, and Peter Mullin, a director of OPC, in relation to this case study.

[1]Exhibit 5.344, Witness statement of Mark Lennon, 17 August 2018, 6 [38], 10 [54].