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The Federal Court has dismissed a key case from the Hayne Royal Commission after finding the arrangement between the Commonwealth Bank to distribute Colonial First State’s Essential Super product was not conflicted. The timing of the case comes as the Quality of Advice Review has proposed opening the door for super funds to give more advice.
After failing to meet APRA's inaugural performance test, Colonial First State (CFS) has appointed BlackRock to run strategies across its two MySuper funds.
After poor results in the inaugural Your Future, Your Super performance test, the appointment came with the aim to have both MySuper products performing in the top quartile by the next test.
Wilson asked of the funds and companies to complete a table for the average return on all their investments over the past five years. Indicative of the general tenor of answers provided to Wilson was that provided by Colonial First State which for 2019/20 revealed negative outcomes ranging from 7.10% for Commonwealth Essential Super to somewhat more palatable outcome of negative 0.30% for the company’s Encircle superannuation fund. This compared to Fiducian reporting an average negative return of 1.3% for 2019/20, well down on the 9% reported in 2017/18. These sorts of results compared to a...