The Royal Commission into banking has revealed that if you've been a member of a big bank-owned superannuation fund, your retirement savings may have been gouged for years.
We’ve recently filed the first class action in our ‘Get Your Super Back’ campaign: a claim against the Commonwealth Bank and Colonial First State that could exceed $100 million and include hundreds of thousands of superannuation members.
How will Slater and Gordon get our money back from the banks?
We have commenced launching a series of class actions against the bank-owned super funds that we think may be liable for this conduct. Millions of Australians will potentially be eligible to join and get their super back.
Some actions will focus on excessive fees, and look to claw back the difference between the fees charged and what a trustee acting in the best interests of members would have charged. Another will be through the “super cash rip-off” actions.
Our first class action has been filed against the Commonwealth Bank and Colonial First State. We allege that Colonial First State failed to obtain the most competitive interest rate available for its members, when it invested the cash-component of members’ super with its parent company, the Commonwealth Bank. This is the “super cash rip-off” class action.
Are you a current or former member of a Commonwealth Bank or/ and Colonial First State Super Fund?
The recently filed class action includes Colonial First State Members in an investment option with a cash-component that has been automatically invested with the Commonwealth Bank.
Those eligible will include current and former members of:
- FirstChoice Personal Super
- FirstChoice Pension
- FirstChoice Wholesale Personal Super
- FirstChoice Wholesale Pension
- FirstChoice Employer Super
who are in the FirstRate Saver or FirstRate Saver Select investment option
- current and former members of Commonwealth Essential Super who are in the Cash Deposit, Balanced or Lifestage investment options.
If this applies to you, register your interest to help us Get Your Super Back
We have received your submission
Thank you for registering your interest. Your responses will help us get your super back. We'll be in touch soon with more information.
Keep up to date with our campaign
We're starting with taking the banks to task for their super cash rip-off, but that doesn't mean we're ending there.
The Get Your Super Back campaign will be building from here and arming ordinary Australians with the right information and tools to get their money back from the relevant banks.
If you want your money back from the relevant banks then make sure you register your interest and keep your eyes on our website for regular updates.
A class action is a type of legal proceeding in which one person, the representative plaintiff, brings a claim on behalf of a wider group of people who have been affected by the same conduct. By grouping claims together and pursuing them collectively, the overall value of the claim makes it economically worthwhile to do so, even if the value of the individual claims are relatively low.
We are bringing class actions against super funds owned by the big-banks. The allegations arise from evidence to the banking Royal Commission.
There have been many instances of misconduct revealed at the Royal Commission by the big banks. The legal actions will aim to cover as much of this misconduct as possible.
Slater and Gordon’s first focus will be Commonwealth Bank-owned superannuation fund, Colonial First State and AMP Super. The firm will allege these super funds failed to obtain a competitive cash interest rate, and charged exorbitant fees, affecting millions of members who held part or all of their superannuation in bank owned funds.
These class actions will be the initial actions of the Get Your Super Back campaign, which will aim to claw back money stripped by the big banks from the retirement savings of ordinary Australians. Slater and Gordon expect that around one third of the adult population may be eligible to join the actions.
Slater and Gordon will act on behalf of the affected members of these super funds. We have a nearly 90 year history of holding to account those who seek to do the wrong thing by Australians and we won’t shy away from a fight.
For decades, we’ve made our name taking on hard cases and pursuing them relentlessly to achieve the best possible results for our clients. We ran some of the earliest class actions in Australia and made history by achieving landmark settlements and judgments for groups affected by issues such as environmental contamination, defective medical products and financial misconduct.
Many of our cases have also had a lasting legacy in improving corporate and governmental conduct, which helps to reduce the chances of our clients’ harms and losses happening to others again in the future.
We will assess the viability of bringing each case against the super funds owned by the big banks.
In the registration process, you will need to nominate a fund(s) that you belong to (or once belonged to). If we decide to commence an action against your fund, we will get in touch with you closer to the time and provide you with more information and invite you to join the class action.
We will also keep you up to date with updates and information about the Get Your Super Back campaign.
The value of your claim will depend on which super fund you are with, and what allegations Slater and Gordon might bring against them.
For example, if your super is with Colonial First State (CFS), the firm will allege that CFS failed to obtain a competitive cash interest rate. The value we will claim will be the difference between your returns on cash, and the returns you would have received if CFS had done its job, and obtained the best available interest rate.
If your super is with AMP, the firm will allege that AMP charged members exorbitant administration fees. In this instance, the value we will claim will be the difference between the fees you paid, and the fees you would have paid if AMP had done its job, and obtained the lowest possible administration fees.
In some instances the banks may have only wrongly taken a little bit from their members. But we think that this money belongs in your pocket, not theirs. That’s why it’s our mission to Get Your Super Back.
As long as you were affected by the misconduct alleged in the six years immediately before the class action is launched, you may be included in any class action against that super fund - even if you have moved to a new super fund or accessed your superannuation upon retirement.
The most likely structure of any litigation will be separate class actions against each super fund. If class actions are launched against more than one of your super funds, you can be a member of multiple class actions.
Slater and Gordon are working with litigation funding companies to provide financial support for these cases. These companies meet the costs of legal action, including the costs risks of an unsuccessful action. They do this in exchange for a share of any monies recovered. Under these arrangements, you will never have to pay anything out of pocket as payment is only made from the proceeds of the litigation. Additionally, all such costs in class actions must first be approved by the court. Again, if we decide to commence an action against your particular super fund, we will get in touch with you closer to the time and provide you with more information about how that claim relates to you and invite you to join the action then.
The time taken for the legal proceedings will depend on which class actions are brought against which super funds. The time taken for litigation also depends upon the tactics adopted by the bank-owned super funds and how far the matter needs to go before it is concluded. As a general guide, we expect that the legal proceedings could take between six months and three years.
Your personal information will only be used for the purpose of the legal proceedings as required by the Court, or by law. In all other cases, we will seek your consent before disclosing any of your personal information. We will not disclose any personal information to third parties, including other clients.
Initially, we will only require you to provide the information requested during the registration process. If we decide to commence an action against your fund, we may get in touch with you to request further information.
You may be required to provide details of your investment in some instances, but you will not be required to devote time and resources to the proceedings. For example, you will not be required to attend court or meet with a lawyer.
You can still register your interest in relation to the Get Back Your Super Campaign but we will not be providing you with advice about your disability entitlements as part of the registration process.
If you require advice about your entitlement to a disability benefit under your super fund please visit the superannuation and disability insurance claims page or call 1800 444 141 to speak to one of our experts.
All you need to do is register your interest. At this stage, you have not joined a class action, you have only registered your interest. If we decide to commence an action against your fund, we will get in touch with you closer to the time and invite you to join the class action.