NEWS BITES

Not-so-Zuper, a super fund billed for millennials, has folded because it failed to reach sufficient scale. Zuper’s trustee, Diversa, said there had been a significant increase in the amount of regulatory change, which had “increased the complexity and cost of administering super funds, resulting in potentially poor outcomes to members where there is insufficient scale”.

ASIC is taking Westpac to court for allegedly selling junk credit insurance to 384 customers who didn’t want it. ASIC claims that between April 7 and July 28 in 2015 the bank sold the products under false and misleading pretences, asserting its right to charge consumer credit insurance premiums that customers were not liable to pay.

Commonwealth Bank has been penalised $7 million for charging 1500 customers a 34% interest rate rather than the correct 16% for their overdraft accounts. In 2013, it allegedly tried to manually correct the excess charges but was unsuccessful. The bank has repaid $3.74 million so far.