CBA Colonial First State Settlement Explained for Super Fund Members
Last updated: 8 September 2026 | By Akshat Malik
The Australian superannuation landscape has faced heightened scrutiny in recent years. One of the most impactful cases is the CBA Colonial First State settlement — a class action that resulted in a significant proposed compensation payout for hundreds of thousands of 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. Details about settlement eligibility, payment timelines, and legal processes are subject to change and are determined by Federal Court proceedings — 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.
Understanding the Settlement: Key Background
The Colonial First State (CFS) settlement arises from a large-scale class action lawsuit against one of Australia's leading super providers. Colonial First State, formerly owned by Commonwealth Bank (CBA), came under legal fire for allegedly delaying the switch of members from legacy super products into lower-fee MySuper options. The action, led by Maurice Blackburn Lawyers, resulted in a proposed $100 million settlement — one of the largest of its kind in the Australian super industry.
- Colonial First State: Major superannuation provider, formerly owned by CBA
- Class Action: Representing hundreds of thousands of members from 2013–2020
- Settlement: $100 million proposed payout, subject to Federal Court approval
Why Was the Settlement Necessary?
The Royal Commission into Misconduct in the Banking, Superannuation, and Financial Services Industry revealed significant shortcomings in how super funds were managed, especially regarding fee transparency and member-first practices. CFS was alleged to have kept members in higher-cost superannuation products even after more affordable MySuper options were introduced, resulting in excess fee charges for many Australians.
Lukewarm Glutathione 1K Orange Flavour, 15 Effervescent Tablets (Pack Of 6)
Shop Lukewarm Glutathione 1K (Pack of 6)
Who Is Impacted by the Class Action?
Anyone who held a Colonial First State super account — especially in FirstChoice Employer Super — between 2013 and 2020 may be impacted. Most affected members have been notified by Maurice Blackburn, but it is advisable to verify your own eligibility either with the law firm or Colonial First State directly.
How Is Compensation Calculated?
⚠️ Compensation amounts and timelines below reflect publicly available information at the time of publication and are subject to change based on court-approved processes. Contact Maurice Blackburn or Colonial First State for information specific to your account.
Payouts depend on individual circumstances — primarily how much a member had invested, the length of time funds remained in legacy products, and the excess fees paid. Final amounts are confirmed following court approval of the settlement.
What Actions Should Super Fund Members Take?
- Check Your Eligibility: Review past super statements or log into your Colonial First State account for the relevant years.
- Register for Updates: If you have not been contacted but believe you are affected, visit the official Maurice Blackburn class action page.
- Follow Official Instructions: Monitor for communication regarding compensation disbursement, coordinated post-court approval through official channels only.
Timeline: Major Events of the Colonial First State Case
| Date | Event |
|---|---|
| 2013 | Introduction of MySuper reforms |
| 2018 | Royal Commission findings |
| 2019 | Class action launched by Maurice Blackburn |
| 2023 | $100 million settlement proposed |
| 2024 | Court approval and commencement of compensation distribution |
Timeline reflects publicly available information. Current status may differ.
Broader Impact on Superannuation Policy
This class action demonstrates the pressure on super funds to prioritise member interests, stay compliant with reforms, and maintain transparent operations. Customers now have a stronger voice and clearer recourse in cases of industry misconduct.
Key References & Further Reading
- Colonial First State Official Site
- Maurice Blackburn – Class Action Details
- Moneysmart – Australian Government Super Guide
Wellness Worth Protecting Too
Just as protecting your superannuation matters for your long-term future, so does looking after your health. Explore the Lukewarm wellness range at ClickOnCare for premium health and skincare products.
⚠️ 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.