Brady v NULIS Nominees (Australia) Limited (ACN 008 515 633) in its capacity as trustee of the MLC Super Fund

Lower Court Judgment

21/05/2026 Full Court of the Federal Court of Australia (Lee, Hespe and Button JJ)

[2026] FCAFC 68

Catchwords

Superannuation – trust – trustee duties – Superannuation Industry (Supervision) Act 1993 (Cth) (‘the Act’) – where respondent charged fees to members of a superfund to pay commissions paid to third-party financial service licensees – whether that charging of fees was a breach of the terms in the superannuation trust deed – whether that charging of fee was a breach of its duties as trustee under the Act – whether that fee is for the administration and operation of a superannuation trust fund – whether that fee is permitted provided it is disclosed in a Product Disclosure Statement as being for administering the fund