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Sponsorship or Promotion fees may be higher than referral fees. Aussie is a trade mark of AHL Orif you prefer, you can fill in the form below and we will give you a call back as soon as possible. To use this site and all its features we recommend using the latest versions of Chrome, Safari or Firefox. The case will centre We can help. The claim has come after Slater and Gordon Lawyers launched a class action against Colonial First State in October, calling out a number of the same super funds for charging 500,000 members excessive fees for financial adviser commissions. It doesn’t belong with the banks.”. It is alleged that super fund trustee duties were breached, causing “substantial losses to over 100,000 members over several years”. By signing in, I am subscribing to receive Canstar's Rate Checker You may have been unfairly overcharged and be entitled to financial compensation. The information in the site is for adviser and researcher use only.

In January 2020, Shine Lawyers filed a class action against Colonial First State Investments Limited (CFSIL) on behalf of members of its superannuation funds. The law firm confirmed this is the fourth class action …
here copyright owner. One of Shine’s clients, David Stuart, said he had “spent hundreds of dollars” on the insurance as part of his super. National Australia Bank’s super trustees MLC Nominees and NULIS are also facing a class action, after Maurice Blackburn filed a lawsuit today alleging they had breached the law by failing to transfer an estimated 330,000 members into lower-cost MySuper products in a timely fashion. Maurice Blackburn announced that it had filed a class action in the Federal Court against Colonial First State Investments Limited – the trustee of the Colonial First State FirstChoice Superannuation Trust – and Linda Elkins, CFS’s former executive director. We can help you get the compensation you deserve. If you’re enquiring about Planning or Environmental Contamination, If you’re enquiring on behalf of a not for profit/indigenous organisation. Want to be kept up-to-date with SMSF and Superannuation changes, why not subscribe to our Newsletter? Industry Super Australia accused retail super funds of “gouging” fees from members by slowly moving them to MySuper products, ASIC was reportedly investigating if super funds were transitioning members to MySuper at the last minute, Slater and Gordon have so far filed three class actions as part of its  ‘Get Your Super Back’ campaign. This advice is general and has not taken into account your objectives, financial situation or needs. 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. You also agree to Canstar's Privacy Policy. Research provided by Canstar Research AFSL and Australian Credit Licence No. Palaszczuk claims third term as Premier as Labor returned to government, Sean Connery: A remarkable life in pictures, Sean Connery, the 'original' James Bond, dies at 90, Severe thunderstorm warnings end in Queensland, Australia's brand new $100 banknote enters circulation, How a pair of raccoons broke into a bank for cookies, Westpac flags $1.2 billion blow to cash earnings a week out from its full year results.

An Aussie mortgage broker will contact you shortly. You may reset your preference at any time by navigating back to the personal site. 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. The table position of the Sponsored or Promoted product does not indicate any ranking or rating by Canstar. Colonial First State Investments Limited ABN 98 002 348 352, AFS Licence 232468. *Except as permitted by the copyright law applicable to you, you Sign up to receive the latest news and updates from Shine Lawyers.

This document may include general advice but does not take into account your individual objectives, financial situation or needs. In late 2017 ASIC was reportedly investigating if super funds were transitioning members to MySuper at the last minute. Colonial First State Super Insurance Class Action is led by Rebecca Jancauskas, Practice Leader with Shine Lawyers' Class Actions department. MySuper was introduced as part of superannuation reforms announced by the federal Labor government in 2011, creating a low-cost default super fund designed to ensure people with low balances were not charged excessive fees. You or your business could face a broad range of issues that might require legal assistance - such as disputes with business partners, suppliers, landlords, advisors and other service providers; as well as disputes with government entities. The class action relates to members of the FirstChoice Super fund. Aussie is a trade mark of AHL Investments Pty Ltd. Aussie is a subsidiary of the Commonwealth Bank of Australia ABN 48 123 123 124. We're starting with holding Colonial First State and the Commonwealth Bank to account, but we won't stop there. How much will it cost me to join the class action? from leading lenders. A class action has been filed against Colonial First State Investments Limited, alleging the Commonwealth Bank subsidiary “tipped” its super members into an allied provider that charged “excessive” insurance premiums, eroding away retirement savings in fees. On 18 October 2019, Slater and Gordon filed class action proceedings in the Federal Court of Australia against Colonial First State Investments Limited (CFSIL). CFSIL is reviewing the claim and will provide any update in due course. To help solve your legal matter, click here to be redirected to Zion Legal who are specialists in Will and inheritance disputes.
The banking royal commission revealed that since 2013, Colonial paid financial advisers or the licensees they worked for over $400 million in commissions that were funded by charging higher fees to superannuation members.

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Let Aussie help find the right home loan for you. Canstar provides an information service. 152 378 133, Australian Credit Licence 414133 ("RMG"). If you have any questions or require any assistance in registering for the class action, please contact our, Colonial First State Super Insurance Class Action. © Copyright 2020 CANSTAR Pty Limited AR 443019All Rights Reserved, *We are Australia’s Biggest Financial Comparison Site. The transition to MySuper was a subject of inquiry in the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry. If the class action is successful and a judgment of damages is awarded to the group members, the costs and fees paid by the funder in order to bring the proceedings to a successful outcome will be deducted from the amount of damages received from the defendants. We have one of the largest and most experienced Workers Compensation teams in Australia. “This appears to have been a mutually beneficial arrangement that had the effect of putting profits ahead of people,” she said. If you're a current or former member of a CommBank or Colonial First State super fund, they may have mishandled your retirement savings. Australians by ensuring that consumers weren’t losing money on We are a leading class action law firm and are well known for our experience in successfully running some of Australia’s most complex and large-scale cases. This is not the first class action stemming from the Royal Commission. the content on this website without the prior written permission of the “The contraventions at the heart of this case resulted in members in FirstChoice Employer Super paying higher fees and receiving a lower investment return for an extended period of time, when they could have been in Colonial’s cheaper, better-performing MySuper product earlier,” said Miranda Nagy, Principal Lawyer with Maurice Blackburn.

Please note that all information about performance returns is historical. Credit services for Aussie Elevate products are provided by
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