trending Market Intelligence /marketintelligence/en/news-insights/trending/vPiAB28IrVZMR5xi8YjucA2 content
Log in to other products

Login to Market Intelligence Platform

 /


Looking for more?

Contact Us

Request a Demo

You're one step closer to unlocking our suite of comprehensive and robust tools.

Fill out the form so we can connect you to the right person.

If your company has a current subscription with S&P Global Market Intelligence, you can register as a new user for access to the platform(s) covered by your license at Market Intelligence platform or S&P Capital IQ.

  • First Name*
  • Last Name*
  • Business Email *
  • Phone *
  • Company Name *
  • City *
  • We generated a verification code for you

  • Enter verification Code here*

* Required

Thank you for your interest in S&P Global Market Intelligence! We noticed you've identified yourself as a student. Through existing partnerships with academic institutions around the globe, it's likely you already have access to our resources. Please contact your professors, library, or administrative staff to receive your student login.

At this time we are unable to offer free trials or product demonstrations directly to students. If you discover that our solutions are not available to you, we encourage you to advocate at your university for a best-in-class learning experience that will help you long after you've completed your degree. We apologize for any inconvenience this may cause.

In This List

CBA superannuation unit faces another class action over financial advice fees

StreetTalk – Episode 69: Banks left with pockets full of cash and few places to go

Street Talk – Episode 69: Banks left with pockets full of cash and few places to go

Street Talk Episode 68 - As many investors zig away from bank stocks, 2 vets in the space zag toward them

Street Talk Episode 66 - Community banks tap the debt markets while the getting is good


CBA superannuation unit faces another class action over financial advice fees

Commonwealth Bank of Australia's superannuation unit is facing a class-action suit, its second in a week, over allegations of overcharging customers for financial advice.

Law firm Slater and Gordon filed a class action against Colonial First Investments Ltd., alleging that Colonial failed to act in the best interests of its members of the FirstChoice Super fund since 2013, and charged them higher fees to pay for ongoing commissions to financial advisers who were not required to provide any ongoing services to members.

CBA acknowledged the class action and said it is reviewing the claim.

The bank's superannuation unit is facing another class action from lawyers at Maurice Blackburn for allegedly failing to transfer customers to the low-cost MySuper product in a timely manner.

Nathan Rapoport, Slater and Gordon's special counsel, said in a statement that the Australian government had banned commissions to financial advisers for new members since 2013. However, Colonial continued to do so and charge those members higher fees, he added.

"We allege that Colonial should have stopped paying the commissions for all its members and reduced their fees accordingly, as it properly did for new members," Rapoport said.

The class action is being funded by litigation funder, Augusta Ventures.