Colonial First State Fees Class Action Settlement

What Happened

Colonial First State was accused of charging some superannuation fund members excessive fees to fund ongoing commissions to financial advisers. The Federal Court approved a $100 million settlement in August 2024, and distribution to eligible members has now concluded.

Who May Be Eligible

You may have been eligible if you were: - A current or former member of a Colonial First State superannuation fund - Charged excessive fees that funded ongoing commissions to financial advisers - A member during the relevant time period covered by the class action

How Much Could You Receive

• Total settlement amount: $100 million
• Settlement distribution has now concluded - no new claims are being accepted
• Individual payment amounts varied based on each member's circumstances
• Members with entitlements less than $20 did not receive payments due to administrative costs
• The exact amount each person received depended on their specific fee history and account details

How to Claim

This settlement is now closed. Distribution has been completed by Colonial First State. If you were eligible, you would have received payment through one of these methods:

1. Direct payment into your active superannuation account (if you still have an active FirstChoice Fund account)
2. Direct payment to you (if you had already cashed out your superannuation and closed your account)
3. Payment to the ATO as a Trustee Voluntary Payment (if Colonial believed this was in your best interests)

Important Dates

• Settlement approved: 5 August 2024
• Distribution period: Late 2024
• Distribution completed: Recently concluded
• Claims deadline: This settlement is now closed to new claims