In May 2020, owner Commonwealth Bank announced that, subject to gaining approval from the Australian Prudential Regulation Authority and Foreign Investment Review Board, it would sell a 55% interest in the business to KKR.

[citation needed] CFS announced its commitment on climate change, aligning CFS to the goals of the Paris Agreement and committing to net zero emissions by 2050 and to a 30 per cent reduction in Greenhouse Gas emissions from 2019 levels for its investment portfolios.

[10] In 2021, the Federal Court of Australia fined CFS $20 million for misleading superannuation members, resulting in CFS paying $67 million to remediate losses to 5,815 members.

The court found that: In 2022, CFS settled a $56.3 million class action lawsuit with Maurice Blackburn for allegedly failing to transfer beneficiaries’ accrued default amounts to a MySuper as soon as reasonably practicable, however, the settlement came with no admission of liability or wrongdoing by CFS.

[12] In 2023, CFS settled a $100 million class action lawsuit with Slater & Gordon for allegedly raising fees on superannuation members to fund ongoing commissions to financial advisers, however, the settlement came with no admission of liability or wrongdoing by CFS.