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Colonial First State

Colonial First State

1.6 from 69 reviews

Ripp Offs - Stay clear DO NOT USE Colonial First State!

Consistently lost my money... How is this not a crime?????
How are they constantly losing my money.. my balance drops year after year by over 20%

Absolutely ridiculous!!!

Do not invest with these criminals!!!!!

Customer Service
Insurance Options
Income Protection

Poorly managed. Transfer your fund to an industry one for members and run!

Just got my statement and lost over $2000 compared to the previous 6 months. Clearly the muppets who run this fund don't know what they're doing and just out of Uni.. I am part of the Class action against this fund and hope that plays out well for me to get something back from these thieves.

Customer Service
Insurance Options
Income Protection

High fees low returns

unfortunately i join thousands who have been subjected to thousands of dollars per year in fees and a return of negative 2.8%.. I'm sure i read an article recently that stated CFS was supposed to roll over high fee accounts to low fee's as a result of the royal banking enquiry.. it would be interesting to find out what happened, however I won't be hanging around to ask!


Shocking

I lost over $1,000.00 in 6 months how the hell does that work.
Wasn’t my choice of super but will def be rolling over.
FYI They aren’t even in the top 10 of super performers.
Is it that Comm Bank have offloaded CSF was performing marginally till then.

Customer Service
Insurance Options
Income Protection

Terrible

I've been with them for about 2 years. Had the money been placed into a bank account, there would have been twice the amount. Its incredible how terribly managed this fund is. I empathize with those who have got to stick with them until their loss is recovered - who knows how long that will take. I've basically cut my losses and rolled them over into another fund. Avoid them if possible.


Lost $67,674.22 from 27.8.18 to 23.12.18 such poor management for a Balanced Super Fund.

A substantial loss of value from my super value since mid August, 2018 to 23.12.18 is disgracefull for a Balanced Fund. I would not recommended them.


Never ever deal with these guys ever!!!!

I Invested $3000 over a 1 year period. After the 1 year my balance was $2830. I called up to cancel my account and instead of the staff member performing my transaction SHE STARTED BELITTLING ME..... after 28 minutes of trying the transaction was performed. I asked to speak to the supervisor who agreed that it was not good enough and that the transaction was done..

Next day I called in and asked the final price I would be receiving... and I was told $2720!!! and I rang in again and complained.. they said $2720 had been done..

The following day I got my bank credit and I got $2666.....!!!

These guys are absolute scum, amateur teenage phone operators, rude and clueless on the phone..

I am currently writing to the Financial Ombudsman to make an official complaint..

THERE ARE 39393903 others out there... DO NOT DEAL WITH THESE GUYS>>>> The only thing they are good at ( or on time with ) is taking their FEES OUT...

DONT DO IT TO YOURSELF!!!!


Thieves

From July 2017 CFS told me that I could get $36K in interest annually. I was living on $26K so, expected to see my money grow. The first 6 months was on target, to give you a false sense of security.
The next 6 months it died and the last 4 months I went backwards.??????
My capital lost $11k in 4 months!!!!!!!
At the end of the day I'm out of pocket $70K in 16 months.
I've now moved to an industry fund ( as of this month ) where my brother has been receiving excellent returns.
My brother is also in a conservative fund as he wants to protect his hard earned money also.
I see that the Commonwealth bank has sold CFS to Mitsubishi. I think they needed to load their coffers to get a good price.


SO DISAPPOINTED

I contacted a financial adviser in December 2017 about money I had inherited and asked what was the best way to manage it. A friend of mine had been with him for years so I figured he would be ok and trustworthy. I really know nothing about the super funds (altho I'm trying fast to understand) and therefore needed to be able to put my trust in someone. First he told me not to leave it in the bank (at this stage I would have made far more money than having it invested with CFS.) His fees have been over $5,000 so far and I have lost over $6,000 - so down $11,000 plus and not improving. I was told they expected I could withdraw $20,000 annually without it effecting my super balance. That's going to be impossible since I am down $11,000+ to start. Why do we have to put our money in super if we do not get any advantage. I want to remove it from CFS but I am so far behind now I can't. Also I can view movement but it is only updated every 3 or 5 days so by time I view it, it has already sunk lower by the next viewing. I hate this system. Are we all being ripped off? Is there an advisory body where we can get advice and help? Who do our politicians have their super with? Probably the best performing!


EXTREMELY POORLY MANAGED INVESTMENT FUNDS

Since the share market decline (25%) of my portfolio, l have seen a huge decline in my cash, fixed interest and property money. The investments are in conserative funds with CFS.
I can understand the drop in shares, BUT WHY THE DROP IN CASH, INTEREST & PROPERTY.
Is it poor management or them gouging customers? Make up your own mind from these facts.


No idea how to manage money

I have been with this superannuation fund for many years.I have been monitoring this company since I retired & their performance is getting worse .They are one of the poorest performers.


very barebone online system

With them for nearly 8 years and the online system has always been really basic with very little features. No app, difficult to manage anything. Their statements are sometimes very slow to come out and sometimes had many issues trying to log into their system. Would not recommend if you are someone who likes to manage their own super online rather than calling someone.


Hopeless thieving organisation

Colonial bought out my previous Super fund. They have provided ZERO service, but continue to collect fees for services they do not actually provide.
Their phone and email "help" is useless. I do feel for the poor staff, but when they are put on the front line they bear the brunt of disgruntled customers, but they have so little authority they can't actually help.
Sound like a typical retail not-so Super Fund really!!


Pas the buck.

Sent an email quirey to an Anna Vederame...she couldn't be bothered to answer...passed it down the line..I think she lacks communication skills...and not a good telephoned manner


Most useless investment

Had expected near 5% return based on advice from Banks financial advisor.
After nearly a year, have not even recovered entry fee of $1850.
Very disappointed.


Thieves

We invested $500,000 in 2008 prior to GFC, our funds have still not recovered (as of 2018). Excessive financial planning and advice fees were eventually stopped by the open review scheme by CBA. Elected to have distribution reinvested into the funds this year - money hasn't showed up. Some nonsense excuse about the distributions being paid into the fund at large - thus diluting the unit price of our funds. Artificial manipulation of unit pricing to suit no one other than CFS. Biggest regret of our lives. As soon as we get our money back - we'll take it out. Would have made much more if left it in the bank.


Most hopeless Organisation to deal with

My wife has 2 Super accounts with CFS, one in her married name and one in her maiden name. Attempts to have both accounts combined into her married name have been nothing short of horrendous. When told it had been done we found out that it hadn't been. There are always excuses that the signatures on file don't match, which is not strange given the signatures are 15 years old. Then there are always other excuses as to why requested things haven't been done. Don't even consider trying to draw part funds from managed accounts - lost paper-work or a myriad of excuses to delay things. We would not and could not recommend CFS to anyone.


Super - nearly lost $12,000 because of sloppy Colonial First Sate IT system/prcesses

Had an issue with my Super with Colonial First State. I made several transfers from my bank clearly marked as voluntary contributions using their coding. Most went through okay but for some reason some had an employer contribution tax deduction made - 12% deduction. Took a few letters to sort out including sending them PDFs from my bank of the transfer statements to show I had done the correct thing. Basically sloppy IT systems (glitches) in Colonial First State. Very annoying and I could easily have missed their tardy processes and lost around $12,000. Very annoyed.


Colonial last choice

Bad internal processes. The letters all signed by some important person in the company to customers seem to be generated by algorithms. The only thing colonial cares about is taking your money eg the pathetic death / insurance benefit that you will never actually benefit from but from which colonial 1st slugs you with from day 1. No matter that you are healthy, dont smoke and run marathons. No matter that you were never asked did you want it in the first place. 1 colonial 1st. Customer 0. Even when you have exited the fund 1 month ago and colonial has made contributions to your nominated fund the colonial algorithm still sends out a letter asking that you pay them for the unpaid insurance payments for the last 2 months. They go on to suggest that you top up your no longer existent colonial 1st super account that you asked to close a month ago. Why? Because it is an algorithm nothing more nothing less. Colonial 2 customer 0.


Inefficient and slow

Rang them to ask for a withdrawal form to be sent snail mail. Over 2 weeks still waiting. Said it would take about 10 days as it is going via a third party - Australia Post !!!!! Hello, don't most letters go via Australia Post, it is not a parcel just an envelope.

1 comment
I would like to make an amendment to my original post. My experience with the forms was my fault for ringing before the actual opening hours to the office, so I ended up with the call centre overseas. When we went to the office in Sydney, they could not have been more efficient and polite. The money was withdrawn and put into our bank within a few days. So please don't write off Colonial. And don't ring them before 9am or you go through the call centre again, who may forget to process your enquiry. Tku.

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Questions & Answers

I was burnt in a house fire & spent two weeks in the burns unit & off work for about six weeks. Can I claim on my super
No answers

I checked my super balance today and see I lost 2765 dollars from a balance of 73000 dollars how's this possible
No answers

Hi there, just wanna ask Regarding essential super. How to stop or cancel investing money? I mean, when I get pay or my employer contribute money into my account I just wanna leave the money like that don’t wanna invest. Hopefully you guys will try to understand my question. Thanks
1 answer
Hi If you don't want to have your super invested in the stock market,select the cash option only on your super policy. Regards Bob.

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