US Edition‘Behind every claim is a grieving family’. Death benefits inquiry demands change but lacks penalties
- ASIC argued that Cbus did not process 10,000 claims in a reasonable time and failed to identify risks in its claims system, causing delays to members.
- Between 2019 and 2024, AustralianSuper took four months to four years for at least 6,800 claims, as claimed by ASIC.
- ASIC highlighted complaints of excessive delays and poor service, noting that 78% of death benefit claims experienced issues within the trustees' control.
- Recommendations aimed at improving service and response times were made in the report, emphasizing the need for better handling of claims, especially for First Nations members.
15 Articles
15 Articles
Super industry apologies for systemic failures that caused grieving Aussies 'genuine suffering'
The superannuation industry has apologised for systemic failures that left Australians grieving the death of a loved one with added distress.The Australian Securities and Investments Commission (ASIC) released its landmark death benefit claims handling report today which investigated 10 trustees — Australian Retirement Trust, Avanteos, Brighter Super, Commonwealth Superannuation Corporation, HESTA, Hostplus, NM Super, Nulis, Rest and UniSuper — …
Watchdog delivers scathing review into super funds on death benefit claims
Australia's corporate watchdog calls on superannuation funds to overhaul the way they deal with death benefit insurance claims, noting excessive delays, poor customer service and ineffective claims handling.
Sydney Morning Herald
The AgeGrieving Australians are suffering because of super fund failure: ASIC
The corporate watchdog has blasted top superannuation executives for failing to prioritise grieving families when paying out their members’ death benefits.
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