💰 CFS Reaches $100 Million Settlement in Super Fees Class Action! 💸
Great news! Colonial First State has agreed to a $100 million settlement in favor of superannuation customers who were charged excessive fees without receiving any financial advice in return. The Slater and Gordon group action exposed CFS's payment of commissions to advisers, resulting in unfair fees for FirstChoice Superannuation Trust members from 2013 to 2020.
The agreement, pending court approval, will see eligible group members receiving their share of the settlement sum, with deductions for legal fees and other costs. Lead applicant Marcel Krieger shared his satisfaction with the outcome, having unknowingly paid higher fees for a product that offered almost identical options at lower costs.
This settlement serves as a victory for thousands of customers who trusted Colonial to protect their financial interests but were let down by arrangements not in their best interests. Slater and Gordon will be reaching out to eligible members with details on how to register for the distribution.
Let's hope this serves as a strong message for financial institutions to act responsibly and ethically in the future! 💪
Link to Article: https://shorturl.at/elxEJ
#SuperFeesSettlement #FinancialFairness #JusticeServed
Vice President – Wealth Planning Consultant at RBC Wealth Management
3wTom - Very Impressive