Colonial First State acknowledges that class action proceedings have been filed by Maurice Blackburn in the Federal Court of Australia against Colonial First State Investments Limited (CFSIL) and a former executive director of CFSIL.
The class action relates to the transfer of certain default balances held by members of FirstChoice Employer Super to a MySuper product.
The key allegation is that members should have been transferred to a MySuper product earlier than they were.
CFSIL is reviewing the claim and will provide any update in due course.
On 18 October 2019, Slater and Gordon filed class action proceedings in the Federal Court of Australia against Colonial First State Investments Limited (CFSIL).
The class action relates to certain fees charged to members of specific divisions of the Colonial First State FirstChoice Superannuation Trust. The claim alleges that Colonial First State Investments Limited (CFSIL) failed to act in the best interests of these members and acted unconscionably by charging them higher fees to pay for ongoing commissions to financial advisers who were not obliged to provide any ongoing services to members.
CFSIL is committed to acting in the best interests of its superannuation members and in accordance with its legal and regulatory obligations. The fees charged to the relevant members are disclosed in the Product Disclosure Statement.
CFSIL is reviewing the claim and will provide an update in due course
Colonial First State Investments Limited ABN 98 002 348 352, AFS Licence 232468 (CFSIL) is the issuer of super, pension and investment products. This document may include general advice but does not take into account your individual objectives, financial situation or needs. The Target Market Determinations (TMD) for our financial products can be found at www.cfs.com.au/tmd and include a description of who a financial product is appropriate for. You should read the relevant Product Disclosure Statement (PDS) and Financial Services Guide (FSG) carefully and assess whether the information is appropriate for you and consider talking to a financial adviser before making an investment decision. The PDS and FSG can be obtained from www.cfs.com.au or by calling us on 13 13 36.