CBA Colonial First State Settlement: Facts & Impacts
Last updated: 8 September 2026 | By Akshat Malik
The CBA Colonial First State settlement has become a major topic for Australians with superannuation accounts, particularly those affected by higher fees charged in previous years. This article provides a clear overview of the settlement, its background, and how it may impact current and former members of Commonwealth Bank's superannuation funds.
⚠️ 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.
How Did the Class Action Begin?
In 2019, Maurice Blackburn Lawyers filed a class action against Colonial First State, investigating the fund's delay in moving superannuation members into lower-fee, MySuper-compliant products as required by law since 2013. This lag potentially cost thousands of Australians millions of dollars in excessive fees, leading to diminished long-term retirement savings. The action alleged that Colonial First State breached its legal and fiduciary duties under superannuation law.
- Defendants: Colonial First State Investments Limited and Commonwealth Bank of Australia (CBA)
- Plaintiffs: Affected Colonial First State super fund members
- Lead Law Firm: Maurice Blackburn Lawyers
- Allegation: Unreasonable delay in moving to MySuper products resulting in higher fees
- Status: $100 million settlement reached, subject to Federal Court approval
Settlement Timeline and Key Facts
Colonial First State agreed to settle the class action for AU$100 million, with the Federal Court reviewing the terms for fairness. Eligible members could receive compensation for excess fees charged between 2013 and 2021. Check eligibility and monitor updates through the lead law firm or official class action websites.
⚠️ The timeline below reflects publicly available information at the time of publication. Current status may differ — verify at mauriceblackburn.com.au.
| Key Event | Date |
|---|---|
| MySuper Laws Introduced | 2013 |
| Class Action Launched by Maurice Blackburn | 2019 |
| $100 Million Settlement Proposed | 2023 |
| Court Approval and Compensation Distribution | 2024 |
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Who Is Impacted and What Does It Mean?
If you held a Colonial First State superannuation account during the relevant dates, you may be eligible for compensation. The Federal Court determines the terms, and payments are expected to be automatic for most eligible members. The primary goals of the settlement are:
- Compensate members who were financially impacted by excessive fees
- Enforce fund transparency and better fund management practices
- Ensure compliance with MySuper transition rules enforced by the Australian Prudential Regulation Authority (APRA)
Member Actions and Next Steps
- Eligible members should update contact details with their fund
- Follow official communications from Maurice Blackburn and Colonial First State for updates
- Check eligibility status at mauriceblackburn.com.au
Implications for the Superannuation Industry
This class action and settlement have broader repercussions for the Australian superannuation sector. Funds are required to:
- Transition members proactively to low-cost and compliant products
- Communicate fees and product features with greater transparency
- Improve compliance with legal requirements and regulatory guidelines
Frequently Asked Questions (FAQs)
What was the basis for the class action against Colonial First State?
The case alleged that CFS delayed switching members to low-fee MySuper accounts, leading to higher fees and reduced retirement savings for those affected.
Who is eligible for compensation?
Members who held Colonial First State superannuation accounts between 2013 and May 2021 may be eligible. Contact Maurice Blackburn or Colonial First State directly for information specific to your account.
How is compensation determined and distributed?
After final court approval, funds are distributed proportionally based on the amount of excess fees paid by each eligible member during the delay period. Verify current payment timing at official channels only.
Do I need to take any action now?
Keeping your contact and account information up to date is key. Most payouts are processed automatically, but stay informed through trusted official sources for any steps you may need to take.
Did Colonial First State or Commonwealth Bank admit liability?
No party admitted liability as part of the settlement. However, Colonial First State has pledged to improve fund compliance and communication with members moving forward.
Conclusion: Staying Informed and Protected
For current and former Colonial First State members, the primary step is staying alert to official communications from your fund and class action law firms. Regularly review the official CFS website and ensure your contact details are accurate.
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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.