When you give your hard-earned money to a superannuation fund, you have the right to assume they will do the best possible job of managing those savings for your retirement.
In 2018, the royal commission into banking revealed unacceptable behaviour from big bank-owned super funds including boosting their revenues by ripping customers off with uncompetitive interest rates on their cash investments.
We have commenced the first in a wave of class actions to help get victims of 'super cash rip-offs' their money back. Our class action against the Commonwealth Bank and its Colonial First State superannuation fund alleges that the fund breached the trust of its members by investing their retirement savings with its parent bank - despite the fact they didn't offer the best interest rates.
Get Your Super Back
Around one third of Australian adults are members of big bank-owned superannuation funds. The royal commission revealed how these bank-owned funds may have been cheating their own members of the best possible savings outcomes. We are launching a series of class actions against the funds we allege are liable for misconduct, and you and millions of other Australians could be eligible to join.
What you need to know about the Colonial First State class action
The first in our wave of class actions is for Colonial First State members who opted for a 'cash' investment option and had their savings automatically invested with the Commonwealth Bank.
Those eligible include current and former members of:
- FirstChoice Personal Super
- FirstChoice Pension
- FirstChoice Wholesale Personal Super
- FirstChoice Wholesale Pension
- FirstChoice Employer Super
The only stipulation is that you selected the FirstRate Saver or FirstRate Saver Select investment option.
This class action will also cover current and former members of Commonwealth Essential Super who fall into the Cash Deposit, Balanced or Lifestage investment options.
Our claim against the Commonwealth Bank and Colonial First State that could exceed $100 million and include hundreds of thousands of superannuation members. If you believe you could be affected, register your interest in our class action today.
Other class actions
We plan to launch a wave of class actions against big bank-owned super funds that we allege have rorted the system to boost their own profits instead of looking after members. We recognise superannuation can be complicated, but that's no reason for bank-owned funds to engage in dodgy practices when they should be maintaining your funds in your best interests.
We're starting with holding Colonial First State and the Commonwealth Bank to account, but we won't stop there. If you think you've been ripped off, make sure you check out our national Get Your Super Back campaign for more cases and regular updates.