March 17, 2020 / 5:38 AM / 17 days ago

Australian regulator files lawsuit against CBA unit Colonial First State Investments

March 17 (Reuters) - Australia’s corporate regulator said on Tuesday it filed a civil penalty lawsuit against Commonwealth Bank unit Colonial First State Investments for deceptive communication regarding a financial product, in a case that stems from a government-ordered inquiry into the financial sector.

The Australian Securities and Investments Commission said in a statement that the miscommunication hindered customers of the FirstChoice Fund product from transitioning to the cheaper MySuper product.

Reporting By Rushil Dutta in Bengaluru; Editing by Kim Coghill

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