CBA responds to CFS class actions
The Commonwealth Bank of Australia (CBA) has acknowledged the two class action proceedings against Colonial First State Investments filed last week.
In separate announcements to the Australian Securities Exchange (ASX), CBA said it acknowledged the class action by Slater and Gordon and Maurice Blackburn had been filed in the Federal Court of Australia against the subsidiary of CBA.
It said the class action by Slater and Gordon related to certain fees charged to members of the Colonial First State FirstChoice Superannuation Trust.
On Maurice Blackburn it said it also acknowledged the class action had been filed against a former executive director of CFSIL – Linda Elkins. It said the class action related to the transfer of certain default balances held by members of FirstChoice Employer Super to a MySuper product.
CBA noted three parties were reviewing the respective claims.
Recommended for you
Treasurer Jim Chalmers has handed down his third budget, outlining the government’s macroeconomic forecasts and changes to superannuation.
Online investment adviser and fund manager Stockspot has introduced Stockspot Super, Australia’s first 'ETF only' superannuation product. superannuation product.
ASIC has called on superannuation funds to improve their oversight of advice fee deductions following an investigation of 10 trustees that found $990 million was charged in one year.
With just 30 per cent of Australians knowing their superannuation balance to the nearest $1,000, Findex has emphasised the role of financial advice in addressing the critical super knowledge gap.