We have now launched the fourth class action in our Get Your Super Back campaign, and our second against Colonial First State. This class action alleges that Colonial First State charged members excessive fees to fund ongoing commissions to financial advisers. This case is the latest in our wave of class actions against bank-run superannuation funds.
By paying ongoing commissions to financial advisers and charging higher fees as a result, in circumstances where there was no ongoing service being provided to super fund members, Colonial First State members have lost substantial amounts of their superannuation over many years. We believe that Colonial’s conduct was in breach of its obligations to act in the best interests of its members.
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 Fees class action
Members of Colonial First State FirstChoice Personal Super, FirstChoice Pension and FirstChoice Employer Super whose accounts were opened before 11 June 2013 and remained members after 1 July 2013 are eligible to participate in the class action.
There is nothing you need to do at this stage to participate in the class action. If you meet the eligibility criteria then you will automatically be included as a group member. To receive updates about the matter as it progresses, we invite you to register your interest below.
Our claim against the 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
Slater and Gordon has launched four class actions as part of our Get Your Super Back campaign, two against Colonial First State, and one each against AMP and BT. We plan to launch more class actions against big bank-owned super funds that we allege have rorted the system to boost their own profits instead of looking after their members.
If you think you’ve been ripped off, make sure you check out our Get Your Super Back home page for more updates.