Townsville Bulletin

Colonial caught out

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COLONIAL First State has been found to have misled and deceived customers in a bid to keep them in its Firstchoic­e fund rather than have them swap to a cheaper Mysuper product.

The Federal Court found the Commonweal­th Bankowned superannua­tion business had engaged in a large messaging campaign to stop customers swapping accounts, the Australian Securities & Investment­s Commission said on Wednesday.

The finding comes after Colonial First State consented to the charges filed by the corporate regulator in March last year. A penalty has yet to be decided.

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