Frequently asked questions

Quantification and payment

The dollar amount payable to you if you successfully become a Registered Group Member will be determined in accordance with a process set out in the Settlement Distribution Scheme. The Settlement Distribution Scheme will be available online following verification, or at the offices of the proposed Settlement Administrator.

The precise amount that will be payable to each Group Member is not yet known and cannot yet be accurately estimated, including because it depends on how many Group Members register and become Registered Group Members entitled to participate in the Settlement Distribution Scheme. It will also be affected by a number of other factors, including among other things:

  1. the amount of any funding commission approved by the Court;
  2. the amount of costs and disbursements approved by the Court; and
  3. the amount of the Administration Costs.

Group Members' entitlements will be calculated using a loss calculation formula that has regard to, at least, the total amount of Commissions paid in respect of each relevant account as identified by SPSL (Suncorp) and the total amount available for distribution after the deductions.

The proposed Settlement Administrator will provide you with an Assessment Notice as soon as practicable if the Proposed Settlement is approved by the Court and once a Schedule of Registered Group Members has been created. We expect this to occur in late 2022. The Assessment Notice will set out the expected amount of the distribution that the Registered Group Member is entitled to receive under the Settlement Distribution Scheme (after deducting the amounts referred to in paragraph 20 of the Settlement Notice).

It is important to keep in mind that the Settlement Distribution Scheme, including the formula for calculating loss, must be approved by the Court.

For the avoidance of doubt, neither William Roberts Lawyers nor the Settlement Administrator are responsible for the tax outcome of any distribution from the Resolution Sum to your current superannuation account or bank account (as applicable). If you have any queries about taxation, please do not direct them to William Roberts Lawyers or the Settlement Administrator. You should seek your own advice (including taxation or financial advice).

Under the Settlement Distribution Scheme, once the Assessment Notice has been provided to you, you will be able to request a review on the following grounds:

  • based on reasonable grounds, that the Loss Calculation Formula in the Settlement Distribution Scheme has been incorrectly applied, and such incorrect application has resulted in an error in the expected amount of distribution in the Assessment Notice; and/or
  • the Assessment Notice contains an apparent typographical error or omission in the expected amount of distribution.

The Settlement Administrator is not obliged to consider a request for a review of the expected amount of distribution in the Assessment Notice which is not based on the grounds set out above.

A request for review of the Assessment Notice must be submitted by a Registered Group Member by completing the request for Review form located on the back page of the Assessment Notice in writing and either posting the completed form to the address specified on the form or emailing the completed form to the address to SSFClassAction@enterclaim.com.

The proposed Settlement Administrator and William Roberts Lawyers are not responsible for the tax outcome of any distribution from the Resolution Sum to your current superannuation account or bank account (as applicable). If you have any queries about taxation, please do not direct them to William Roberts Lawyers or the Settlement Administrator and you should seek your own advice. Any amount you are entitled to receive from the Settlement Administrator may be reduced by tax withheld (if any) by your superannuation fund.

There is no upfront or out of pocket cost for registering for the Proposed Settlement.

The total of the sums proposed to be deducted from the Resolution Sum of $33 million (which is the amount SPSL (Suncorp) has agreed to pay under the terms of the Proposed Settlement) is estimated to be approximately $19 million. Not all of the deductions are to pay the lawyers or the funder. Please refer to question 4 above for the details of the proposed deductions. It is important to understand that the only costs and remuneration amounts that will be deducted from Group Members’ compensation will be those amounts which the Supreme Court is satisfied are fair and reasonable in all the circumstances.