Two of Diversa Trustees’ largest customers, Praemium and Superhero, have complained to the financial regulator that the superannuation services business is overcharging their members and blocking efforts to find new trustees for retirement savings products that they operate.
The unconventional intervention is a considerable headache for Diversa, as the company defends allegations it did not conduct appropriate due diligence or implement protections that would have stopped consumers from injecting $300 million into the collapsed First Guardian Master Fund.
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