Mercer Super Fined $10.3m for Reportable Situations Failures

Super giant fined $10.3m after dead members charged premiums

The super fund failed to report investigations into serious member issues, with the Federal Court finding the corporate watchdog’s oversight was seriously compromised.

Mercer Super Faces $10 Million Penalty Over Reporting Failures

The Federal Court has ordered Mercer Super to pay penalties totalling $10.3m after finding systemic failures to comply with the Corporations Act’s reportable situations regime. The court found that between October 2021 and September 2024, Mercer Super’s systems for complying with the reportable situations regime were inadequate. During that period, the trustee failed to report […]

Mercer Super fined $10.3m for reportable situations failures

Mercer Superannuation Australia will pay a $10.3 million penalty after it admitted to breaching the Reportable Situations Regime on several occasions, which the Federal Court found could have had the "potential to have a detrimental effect on members." ASIC has successfully held Mercer Super to account following its legal action launched last August. By its own admission, Mercer Super's failures fall into three categories. The first, Mercer Supe…

Mercer Super hit with $10.3 million Federal Court penalties

Mercer Super has been ordered to pay penalties totalling $10.3 million for systemic failures to report investigations into significant member services issues following Federal Court action initiated by the Australian Securities and Investments Commission (ASIC). The regulator revealed the Federal Court outcome today, noting that the charges included an investigation into insurance premiums continuing to be charged after members had died, and onl…