Reinvestment of returned funds deducted from your super account.
I have recently been informed that my former financial advisors are prepared to refuned me $10,000 of the $24,000 deducted from my super funds over a period of 15 years (fees for no service)
This money cannot be reinvested into my super fund although it was deducted from it!!!!!!!!
So I lose not only the accumulated interest over the period but also the superior (sometimes) return that my super fund can provide.
This should surely be corrected.
What should be done.
I understand that there are thousands of people. who like me have had their super funds ripped off by monthly deductions masquarading as financial advice fees !!!!!!!!! (Re banking royal commision.)
Government departments tend to be cautious when allowing a change to their rules as they don't want to create a legal precedent. Your case seems to be very straightforward as funds were taken from your super fund illegally and should be allowed to be reinstated. Also those who initially took the funds illegally should be made to compensate you for the loss of interest and this too should be allowed to be paid into your super fund. I can't see where any legal precedent could result in others rorting the system. Maybe a good place to start would be with your local federal Member