CBA Colonial First State Settlement: What Super Fund Members Need to Know
Last updated: 8 September 2026 | By Akshat Malik
The CBA Colonial First State settlement has drawn considerable attention among super fund members and anyone tracking financial sector legal developments in Australia. With hundreds of thousands of Australians potentially impacted, understanding the key facts is important for anyone who held a Colonial First State superannuation account during the relevant period.
⚠️ Important Disclaimer — Please Read Before Proceeding
This article is published for general educational and informational purposes only. It does not constitute legal, financial, or superannuation advice, and should not be relied upon as such.
• Settlement details, eligibility criteria, payment timelines, and legal proceedings are subject to change. Information here reflects publicly available details as of the publication date and may not reflect subsequent court rulings or administrative updates.
• 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 advice specific to your eligibility or superannuation situation, consult a registered financial adviser or legal professional, or contact Maurice Blackburn Lawyers or Colonial First State directly through their official channels.
• Always verify current information at mauriceblackburn.com.au and colonialfirststate.com.au.
Understanding the CBA Colonial First State Settlement
The CBA Colonial First State settlement emerged from a class action taken against Colonial First State Investments Limited (CFSIL), part of the Commonwealth Bank of Australia (CBA). The legal claim — brought forward in 2019 by Maurice Blackburn Lawyers — alleged that CFSIL did not act in the best interests of its superannuation members by delaying the transition of retirement savings into lower-fee MySuper products. This delay allegedly led to unnecessary higher fees and diminished investment returns for members across several years.
Key Timeline and Background Events
- 2013: MySuper legislation requires super funds to move members to low-fee default products
- 2019: Class action filed against CFSIL by Maurice Blackburn Lawyers
- 2023: $100 million settlement agreement reached, awaiting court approval
- 2024: Court approval of settlement and compensation process commenced
Timeline reflects publicly available information as of the publication date. Verify current status at mauriceblackburn.com.au.
Who Is Affected by the Class Action?
Approximately half a million Colonial First State superannuation members who held FirstChoice Employer Super accounts between 2014 and 2020 are expected to benefit from this settlement. If you held such an account and your funds were not transitioned to a MySuper product during that period, you may be eligible. Verify your eligibility directly with Maurice Blackburn or Colonial First State.
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Why Was the Settlement Necessary?
The root of the legal dispute lies in the obligations of super fund trustees. The introduction of MySuper options in 2013 was designed to ensure Australians saving for retirement accessed low-cost, government-approved investment products. CFSIL’s alleged failure to move members on time to lower-fee options was argued to have cost individuals through higher ongoing fees and lost investment growth. The class action argued this breached trustee duties and led to tangible financial losses for members.
The Broader Regulatory Context
This legal action followed Australia’s Banking Royal Commission, which put the superannuation industry under strict scrutiny. ASIC has also acted to hold institutions accountable on similar issues across the sector.
How Will the Compensation Be Calculated and Paid?
⚠️ Compensation details below reflect publicly available information at the time of publication. Actual amounts, timelines, and processes are determined by court-approved guidelines and may differ from summaries here. Contact Maurice Blackburn or Colonial First State directly for information specific to your account.
Compensation amounts reflect the length of time each member was left in costlier super products, affected balances, and the resulting loss. According to court-approved guidelines, affected individuals are generally not required to take action; settlements are paid automatically to eligible super accounts, minus legal and administration costs.
What Super Fund Members Should Do
- Check your member status: If you held a FirstChoice Employer Super account between 2014–2020, review your statements.
- Monitor official communication from Colonial First State and Maurice Blackburn.
- Keep track of your super account for any credit entries relating to the settlement.
- For clarification, contact Colonial First State or Maurice Blackburn through their official channels only.
Settlement Impact and Moving Forward
This class action signals a shift towards stricter regulatory compliance and higher accountability standards within the superannuation sector. By staying informed, fund members can better protect their retirement savings and take timely action should similar issues arise in the future.
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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 subject to change and are determined by court-approved processes — not by 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.