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Colonial First State

Posted on: October 11, 2018

Below is a statement released by Colonial First State with regards to the class action lodged against them.  Should you have any concerns, please contact our office on 1300 014 368.

 

As you may have seen, Slater and Gordon have now commenced a class action against Colonial First State Investments (CFSIL) and Commonwealth Bank of Australia (CBA).  This follows the Slater and Gordon announcement on 11 September 2018 that they were investigating potential class actions against superannuation funds owned by financial services companies, including the funds operated by CFSIL.

The claim by Slater and Gordon

The class action concerns investment in cash and deposit options in FirstChoice and Essential Super.  The key allegation is that members received lower interest rates from funds deposited with CBA than they should have from their investment options.

CFSIL has a number of cash and deposit options available to members that serve different purposes and needs and have different returns.  The rates on those options are competitive with like products in the market.

It is important that any comparison of rates of return on different investment options is made on a like-for-like basis with similar products.  We don’t believe that the Slater & Gordon claim does this.

We’re committed to acting in the best interests of our members and in accordance with our legal and regulatory obligations.

CFSIL and CBA will vigorously defend the claim.

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