Australian Super customers who hold a Member Direct account have been locked out of their accounts for over three weeks now as the financial giant struggles with technical issues.
Australian Super is Australia’s largest superannuation fund with approximately $245 billion under management from 3 million members. The fund provides an option for its members to choose what is known as a Member Direct option, which is in essence a self-managed superfund operating through Australian Super.
Due to a portal upgrade, Member Direct holders have not been able to make withdrawals from their accounts for some weeks now.
According to Australian Super, “Most members have been able to access and use the new portal and upgraded app but we are aware some members continue are [sic] experiencing issues. We’re working to resolve issues as quickly as possible and have redirected additional staff to assist members. We understand this is frustrating for impacted members and would like to reassure all members that their information and account is secure”.
The Australian Financial Complaints Authority (AFCA) has confirmed that it has received numerous complaints from members.
It is unclear the extent of the issue however AustralianSuper has revealed that around 22,000 members are in Member Direct out of the almost 3 million AustralianSuper members.
The Australian Prudential Regulatory Authority has not yet responded to requests to comment.
Callum Foote was a reporter for Michael West Media for four years.