Law firm Slater and Gordon is starting what’s likely to be a wave of legal action against bank-owned super funds, and the claims could be in the billions.

Slater and Gordon’s head of class actions Ben Hardwick told Neil Mitchell the Royal Commission has revealed “pretty appalling behaviour” by bank-owner super funds.

“If you take an average Australian households, two full-time employees, they would spend $1600 per year on fees to superannuation companies,” Ben said.

“For all the talk about electricity prices, we’re paying almost as much to superannuation companies in fees.

“The first case will be against Colonial First State.

“For failing to obtain a competitive interest rate for its members.

“The claims that we will be bringing, will be to try and recover compensation for people because the banks put their interests before the interests of their members.

“We’re looking at a series of class actions, up to five million Australians could be eligible to get their super back.

“We could see claims over $1 billion.”

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