Is your superannuation with Colonial First State Investments Limited? You may have been unfairly overcharged and be entitled to financial compensation. Find out how to join our Colonial First State Super Insurance Class Action.
What is the Colonial First State Super Insurance Class Action about?
On 22 January 2020, Shine Lawyers commenced a class action against Colonial First State Investments Limited (CFSIL) and Colonial Mutual Life Assurance Society Limited (CommInsure) to obtain compensation for persons who were overcharged for their life insurance policies (for death, total and permanent disability, and income protection cover) which they held inside their CFSIL superannuation fund.
On 22 October 2021, AIA Australia Limited (AIAA) were joined as an additional Respondent to the proceedings. This occurred because AIAA acquired ownership of CommInsure’s life insurance business on 1 April 2021.
The class action alleges that:
- CFSIL, the trustee of the superannuation funds, owed a duty to act in the best interests of its members and to not improperly use its position to gain an advantage for itself and/or for CommInsure.
- CFSIL breached its duties by obtaining group insurance (namely, CommInsure’s group insurance) with excessive premiums, when there were other available insurance products that were substantially equivalent or better and had lower/cheaper premiums.
- CommInsure knew or ought to have known of the existence of the trustee duties CFSIL owed to its members and that it knowingly took receipt of profits of the excess premiums.
Can I join the Colonial First State Super Insurance Class Action?
You may be entitled to compensation as a member of the Colonial First State Super Insurance Class Action if:
- FirstChoice Personal Super and Pension;
- FirstChoice Wholesale Personal Super and Pension;
- FirstChoice Employer Super; or
- Commonwealth Essential Super.
- You must have held life, TPD and/or income protection insurance issued by CommInsure through your superannuation in the period between January 2014 and January 2020.
If you answered yes to the above, you may be entitled to compensation, and you are encouraged to register for the Colonial First State Super Insurance Class Action.
How to register for the Colonial First State Super Insurance Class Action
If you would like to register for the Colonial First State Super Insurance Class Action, please click the 'Register Now' button below and fill out the registration form.
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 team on 1800 325 172.
Who is Shine Lawyers’ Class Action Team?
Shine Lawyers’ Class Action Team includes some of the firm’s most experienced solicitors and support staff. The team includes: