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
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.