CBA Colonial First State Settlement Explained: Key Details & Timeline
Last updated: 8 September 2026 | By Akshat Malik
Australia's superannuation system aims to deliver fair and secure retirement savings for all. Recent events have highlighted vulnerabilities — especially when major funds delay compliance with compulsory reforms. The CBA Colonial First State settlement is a significant chapter in this ongoing story, offering both important lessons and potential compensation for affected super fund members.
⚠️ Important Disclaimer — Please Read Before Proceeding
This article is published for general educational and informational purposes only and does not constitute legal, financial, or superannuation advice. Settlement details, eligibility criteria, and payment timelines are subject to change and are determined by Federal Court processes — not this article.
• The author, Akshat Malik, is not a registered Australian financial adviser, solicitor, or superannuation specialist. ClickOnCare is a wellness e-commerce platform, not a financial or legal services provider.
• For eligibility queries and official updates, contact Maurice Blackburn Lawyers at mauriceblackburn.com.au or Colonial First State at colonialfirststate.com.au directly.
Background: The Class Action and Its Purpose
The class action at the heart of the CBA Colonial First State settlement alleged that Colonial First State (CFS), a subsidiary of the Commonwealth Bank, did not promptly transfer members’ retirement savings to mandated, lower-fee MySuper products between 2013 and 2020. Instead, many members remained in older products with higher fees for too long. The action was led by Maurice Blackburn Lawyers, representing hundreds of thousands of affected Australians.
Why Was the Settlement Needed?
The MySuper reforms introduced by the Australian Government required super funds to move customers into new, low-fee products by specific deadlines. According to the class action, Colonial First State failed to implement these mandates on time. The result: members paid higher fees than necessary, in some cases for several years, creating a financial disadvantage for everyday Australians trying to maximise their retirement benefits.
The final settlement amount reached $100 million (subject to court approval), set to be distributed among eligible class members following deduction of legal and administrative costs.
- The class action highlighted delayed transitions from legacy super products to lower-fee MySuper options
- The action followed Australia's heightened scrutiny on bank and super fund practices after the 2018 Royal Commission
- Lead law firm: Maurice Blackburn Lawyers
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Implications for Superannuation Members
For those who held Colonial First State FirstChoice accounts between 2013 and 2020, the settlement brings automatic compensation for eligible members. Payments are calculated based on account history, duration, fees paid, and the difference had funds been moved to MySuper on time.
⚠️ Compensation details reflect publicly available information at publication date. Actual amounts and timelines are determined by court-approved guidelines. Contact Maurice Blackburn or Colonial First State directly for account-specific information.
Key Timeline of Events
| Date | Event |
|---|---|
| 2013 | MySuper reforms introduced by Australian Government |
| 2018 | Banking Royal Commission findings |
| 2019 | Class action launched by Maurice Blackburn Lawyers |
| 2023 | $100 million settlement proposed |
| 2024 | Court approval and commencement of compensation distribution |
Timeline reflects publicly available information. Current status may differ — verify at mauriceblackburn.com.au.
What Should Affected Members Do?
- Check whether you held a Colonial First State FirstChoice account between 2013–2020
- Monitor official communications from Colonial First State and Maurice Blackburn
- Update your contact details with your fund to avoid missing notifications
- Visit mauriceblackburn.com.au for the latest official updates
- Consult a registered financial adviser or legal professional for advice specific to your situation
Broader Impact on Australia's Superannuation System
This case reinforces the obligation of super fund managers to act promptly and put members’ interests first. It also demonstrates the importance of active member engagement and awareness about super product selections and fee structures. By staying informed, fund members can better protect their retirement savings.
Key References
- Maurice Blackburn – Colonial First State Class Action
- Colonial First State Official Site
- Moneysmart – Australian Government Super Guide
- ASIC
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⚠️ Final Disclaimer
This article is published solely for general educational and informational purposes. It does not constitute legal, financial, or superannuation advice. Settlement details, eligibility, and payment timelines are determined by court-approved processes and may differ from information in this article.
The author (Akshat Malik) is not a registered Australian financial adviser, solicitor, or superannuation specialist. ClickOnCare is a wellness e-commerce platform and is not a legal or financial services provider.
For eligibility and compensation queries, contact Maurice Blackburn Lawyers at mauriceblackburn.com.au or Colonial First State at colonialfirststate.com.au directly.
About the Author
Akshat Malik is a wellness entrepreneur and the founder of ClickOnCare, one of India's trusted online health and wellness platforms. He writes on personal finance, consumer rights, and regulatory topics relevant to Australian and Indian households. He is not a financial or legal adviser and this article reflects general research only, not professional legal or financial guidance. Connect on LinkedIn.