ASIC Warns Super Funds Over Benefit Delays

Super funds blasted over death benefit claim delays

ASIC says some super funds are still failing grieving families on death benefit claims, with trustees accused of failing to analyse systemic issues and dragging their feet on basic reforms.

Trustees lack death benefit claims uplift urgency: ASIC

Two years since ASIC cracked the whip on superannuation funds to improve death benefit claims handling practices, a follow-up review found very little to no improvements have been made. ASIC's review of 45 trustees found varying degrees of urgency in response to its scathing review of death benefit claims handling processes released last year. While most trustees reported taking steps to uplift their practices and are committed to taking further…

ASIC Warns Super Funds Over Benefit Delays

The corporate regulator has warned that some superannuation funds remain unprepared to handle rising volumes of death benefit claims, despite two years of industry scrutiny and repeated calls for reform. In a new review released this week in Report 831 – Delivering on death benefits: Have super trustees stepped up? – ASIC found that while […]

ASIC urges super trustees to step up death benefit claims handling

The ongoing failure of some superannuation trustees to address issues and faults in their death benefits claim handling processes and delivery of member services is contributing to an overall “weakness” in the industry’s ability to readily provide for its ageing member base. That is the assessment from a new progress report released by the Australian Securities and Investments Commission (ASIC) on Tuesday, which found the laggards – who are yet …