Just wondering if this was legitimate… I had a fair chunk of my super in cash within an MLC super account (MLC was owned by NAB until recently). When I got my account statement, the CASH component had gone from thousands of dollars to cents. When I queried it with MLC they said it was due to NAB investing the money in British banks and one of the banks had become insolvent and my cash was lost. I was not convinced. I would have understood if this was the international shares component of my account that taken a loss but how come the cash component? Why was NAB/MLC using the cash components of super funds on NAB owned British banks?
Given the shenanigans the banks and super funds have been caught out on so far could this have been another one?
http://theconversation.com/national-australia-bank-30-years-…
I am not a financial planner, but I do work in the finance industry. I'm making a lot of assumptions without knowing your age, account type, investment strategies, balance etc.
But if I opted for a cash option in my Superannuation, I would not want my provider to invest in a foreign bank that even whispered the word: insolvency.
A cash option, is generally a LOW-RISK option. I would confidently notch this one up to a bad decision an investment manager has made.
That being said - immediately contact the Financial Services Ombudsman, and read-up on the many class actions being lodged against MLC and NAB.
Don't be quiet about it. They've lost your money, while charging you fees to manage it.
Good luck!