Comment by tonytran2015: Compulsory superannuation in Australia has created rip-off, fraudulent markets for Superannuation Fund Managers. The financial illiterate, forced contributors lose heavily.
Colonial First State deceives super customers 13,000 times
A court has found that the Commonwealth Bank-owned investment firm
Colonial First State (CFS) misled and deceived superannuation customers
to keep them in a higher fee fund.
In a case brought by the corporate regulator, the Federal Court ruled the trustees of CFS’s First Choice fund were liable for encouraging members of the
fund to remain rather than move to a cheaper MySuper product, a low-fee
product required by law.