From www.moneymag.com.au: AustralianSuper, Australia’s largest superannuation fund, received a $27 million fine for failing to consolidate duplicate member accounts over a ten-year period, resulting in $69 million in overcharges.

The fine will primarily be covered by an operational risk reserve, and while it is relatively small for the fund, members may ultimately bear the costs.

The fund’s management has stated that they have not increased admin fees to account for the penalty, and they are committed to improving their processes to prevent similar issues in the future.