been with colonial 23 years & it's all good
I started with colonial in 1997 with my super in 100% Geared Australian shares ever since that date & now many years later my super has grown into a very substantial amount. Did a switch along the 24 years way way to their Wholesale product but still 100% geared Australian Shares all the way. Of course because it's a geared product there was some very big dips during the Global Financial Crisis & during the COVID scare but it's always recovered in time & powered through for a very good overall long term result (remember super is supposed to be long term; right?).
Its a fantastic website, excellent range of funds to choose from with very low fees. They picked up an error by one of the managers I invested in and gave me a credit and I didn't even ask or pick this up myself. Staff in the call centre are very professional. More than I can say compared to my Kinetic (Rubbish) super I used to be invested in before hand. Not the cheapest but you pay for what you get...
Waist of money and time.
Just terrible fund. Very high rates, poor investment strategies and total lack of responsibility for your money. I have been with them for 3 years. They do not care about your asserts growth or defence but rather prefer fully waist it with all the confidence and arrogance.
FRAUDULENT AND UNCONSCIONABLE BEHAVIOUR
I really hope that the following will help other elderly, vulnerable Colonial State customers:
"Colonial First State Investments Limited (CFS) defrauded me of $1,301.83 after I requested a refund plus interest for fees for no service after the Banking Royal Commission, stating that when I signed my 2009 Agreement it illustrated that I had only agreed to pay 'Adviser Service Fees', which were not 'Ongoing Fees', and therefore I was not entitled to any sort of refund.
This has gone on from July 2018, and a CFS staff member even sent me a twelve...(12) page copy of my 2009 Agreement, as well as recently this year, three staff members of CBA Group Customer Relations (GCR) and Commonwealth Financial Planning Limited (CFPL), as well as my first AFCA case manager in early 2019. However, immediately after I signed my 2009 agreement CFS set up my 'Transaction Account' which explicitly displays 'ADVISER SERVICE FEES - ONGOING' - from March 2009 to 2017 when the charges stopped. CFS only forwards FirstChoice Wholesale Pension Statements to its customers NOT copies of their Transaction Accounts, which you have to get online, and can be difficult, especially if you do not have a computer. Therefore, as an elderly customer, I allege that my 2009 Agreement, as well as those of other elderly customers, were virtually invalid because the details had changed, and I hereby allege that the invalid agreement was continually, and purposely used to exploit and defraud.
Oh this an Australian made scam at its finest
I have been a member of Colonial First State Super for the last 3 years, but after speaking with the ATO, they informed me that Colonial First Scam Super has never reported any information regarding my super at ALL. I've been trying endlessly to withdraw my funds through the ATO, but are unable to do that as they do not have my details, due to Colonial not giving them to the ATO. I have spoken to Colonial over 10 times regarding this but maintain to feed me the same information. If your employer is advising you to become a member with Colonial ...First Scam Super seek out a different super fund that is reputable. Anyway, I have taken this matter to the Australian Financial Complaints Authority (AFCA) and I encourage you to do the same if you've been duped by this 'institution'.
Disappointing, unprofessional, arrogant
I applied for an Centrelink age pension back in March 2020. Among others I needed to provide an schedule of superannuation income, the document my superannuation provider, i.e. Colonial, was supposed to complete and provide. Since then, Centrelink rejected the document, provided by Colonial, on number of occasions, deeming the document not acceptable, and the Colonial has kept sending me this document, saying the document is sufficient for Centrelink. I complained to Financial Complaint Authority, but this has not seemed to change the Colonial ...way of handling the difficult customers. I have been eligible for pension and a concession card since February 2020, now it's August and I am still unable to complete my pension application as a result of the Colonial First State staff pigheaded consumer treating methods. For all out there, you better stay away from Colonial First State if you considering your superannuation options.
Took forever to open an account and they put the money in the wrong fund
It took 5 months to open an account. Calling 3 times along the way. At the end of that they put my money into the wrong fund! I had to submit 4 paper documents. All to have my money put into a high fee option that I didn't want, having to call 2 more times to get it in the right option. Quite possibly the worst, most incompetent super company in Australia.
I believe it's money I will never see.My employer sign me up for high growth years ago should be called no growth financial crisis lost $8,000 I get I get a measly measly interest return each month not even a hundred dollars and now it's getting close to getting my money outThey wan't signed certified copies of everything. With very strict conditions about the documents in the way they're formatted it's just total crap because I gave them all my ID information when first signed up.
Unbelievably bad communication
I'm convinced that there's a department within CFS that does nothing else but take simple issues, that need to be communicated to investors, and entangle them in gibberish.
All communications from CFS are full of mistakes and contradictions which leaves you to try and contact them to find out what they are actually trying to communicate.
You then come across what is everyone's favourite current excuse - COVID-19.
Get over it, most restrictions have been dropped. Your people can answer the phone.
Investing - really bad decision
Worst customer service experience. They made an error and have cost me a lot of money and have taken no responsibility. They won't call me - despite asking them numerous times. I wouldn't recommend opening an investment account with them.
Dismal Customer Service and Responsibility
Poor Customer Service, Staff are either that inept or have poor training, information was inconsistent and inaccurate, they would rather lie to you so that they don't have to deal with the problem, there is no escalation point. They refuse to let you speak with a manager. COVID super payouts were intentionally delayed, they dragged their feet to take as long as possible to pay out. And was well over the allocated 5 days paid out on day 11. 0 faith or thrust in this brand now, they cannot be trusted and do not have members best interests at heart, only the shareholders.
Terrible management of assets during the covid 19 crisis.
A very questionable superfund. I lost almost 30% of my superannuation due to their incompetence. Fortunately for me, I am 29 yo, therefore, only lost a couple of thousands, I feel sorry for the elder people. I withdrew all my funds.
I will not recommend this superfund to anyone, under any circumstances.
Was placed with these guys by my workplace and it has been terrible. Just setting up an account is abysmal. They don't respond to emails or have a call back service, the waiting time is ridiculous. Their solution? send a bunch of mail to you until you become inundated.
Difficulty dealing with Colonial
I am finding going with these guys to be the worst decision. Have been working through setting up account with them for nearly two months, get letters for requests for information they have been supplied. Finally get it set up 3 weeks ago, still waiting for password in the mail. They had the wrong address, fixed the address, they send confirmation of change of address out to the wrong address. Have spent 45mins on the phone twice a day for the last week and cant get through. Can't wait to get access to allow me to strip my money out asap and put it down to a bad choice/experience
- Verified customer
appalling lazy unhelpful service
My mother had units in the fund which was successively called
Colonial Mutual Australian Property Fund,Colonial Retail Property Trust, Colonial First State Retail Property Trust,before it was terminated.
These units were bought at a fixed price from the fund,when the fund made offerings of new units,so presumably for that reason the documentation issued to
individual purchasers acknowledge only the numbers of units issued,
but not the price.So I've tried to find out the issue prices from Colonial First State. They have been amazingly unhelpf...
Very poor communication/ handling
My ex-employer set up an account for me and i tried transferring to other super fund and closing my current account finding that they spelled my name wrongly. They immediately changed this in and notified CFS about this. However, now when i speak with them they need me to fill form, send it via post ( their lack of digital is big so don't expect anything than manual) and go to GP or a lawyer to verify it's my name and send it back to them with my ID even though i have not set up account,nor made a mistake and this was also fixed by my ex-employer. Just avoid this super fund as one small mistake will cost you so much of your time that it comes to our citizen experience being so poor.
I went through the process of getting my super early due to financial hardship, they sent the forms, I filled them out and sent them back. then they sent them back to me asking me to cross a T or dot an "I"... almost literally. it was something as stupid and simple as that... I think I had to send them 3 times.
And all those times cost me an administration fee, this super company is dodgy and I hope they go bust.
Questions & Answers
Where does first colonial super rate in top 40 in Australia?
To be honest with you i don't care where colonial rate in the top 40.
My opinion i would not rate them in the top 100.
Why don't you tell me were colonial rate in the top 40.
they are not to trust. i paid salary insurance (1500 AUD /6 months) for 7 years without having benefit from it and without having requested it.
Hi Officer : It 's Wenston Seo . I am a this Super member. Would you tell me Colonia First State , ABN number ? My super Account number is [details removed]
When you receive distribution they give it to you in units and then reduce the unit price to suit, how can that be legal
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