CBA’s Colonial agrees to $20M penalty for misleading MySuper statements

ASIC 2021-10-12 5:43 pm By Bianca Hrovat | Sydney

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The Commonwealth Bank’s wealth management unit has agreed to cough up $20 million in penalties for misleading thousands of fund members during the transition to MySuper accounts, but steadfastly maintains its conduct was not part of a “nefarious” plot for profits.

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