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?
In January 2020, Shine Lawyers filed a class action against Colonial First State Investments Limited (CFSIL) on behalf of members of its superannuation funds. It is understood that hundreds of thousands of Australians who were members of one or more of CFSIL’s superannuation funds have had their superannuation depleted as a result of wrongfully paying more for their insurance as a consequence of CFSIL’s conduct.
It is alleged that CFSIL did not act in the best interests of its members when taking out group insurance policies. Despite there being evidence of equivalent or substantially better policies available through other insurers for cheaper premiums, CFSIL chose to obtain these policies from a related party (CommInsure), meaning members of its superannuation funds paid higher premiums.
It is also alleged these members were charged excessive insurance premiums between January 2014 and January 2020.
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 and/or TPD 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
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: