AustralianSuper to pay $4.2m for delayed claims handlingBY ELIZA BAVIN | THURSDAY, 21 NOV 2024 12:49PMThe super fund said it would soon start a program to compensate beneficiaries whose death benefit claims took longer than the fund's internal target handling time. Related News |
Editor's Choice
Australia, UK partner to procure well-regulated financial markets
Following its inaugural meeting in September 2025, the second UK-Australia Joint Financial Regulatory Forum took place this week, with Australia remaining vocal about placing greater emphasis on governance and asset valuation of private markets.
Count takes 30% stake in Brisbane advice firm
Count has agreed to acquire a 30% stake in Brisbane-based accounting and financial advice firm Apiary Financial, continuing its push to expand its equity partnership network while reporting stronger first-quarter earnings.
Audit quality continues to fall short: ASIC
The corporate regulator has called for improvements in audit quality and financial reporting after its latest surveillance found companies, including superannuation funds, are still not getting the fundamentals right.
ETFs entering 3.0 era: JPMAM
JPMAM believes thematic ETFs may become a thing of the past as actively managed ETFs become more prevalent.
Further Reading
Products
Expert Feed
When geopolitics becomes a portfolio risk
Geopolitics is back - again - and Australian investors can no longer treat it as distant background noise.
Does association membership still matter?
With all the changes the advice sector has experienced in recent years, such as regulatory reform and increased education and professional standards ...
Digital assets and where they stand in 2026
So far in 2026 digital assets have captured the headlines largely for the wrong reasons, but that doesn't tell the full story.
Rethinking default design in a changing market environment
The evolution underway in the US DC system highlights the value of periodically reassessing default design assumptions.
Featured Profile
Jacqueline Fernley
CHIEF EXECUTIVE OFFICER
ARC POINT OCIO PTY LTD
ARC POINT OCIO PTY LTD
Jacqueline Fernley is a self-confessed nerd, a market animal and as of this year, her own boss. Riddhima Talwani writes.
The Financial Standard podcast Tune in each week as we discuss the latest developments in Australia's wealth management industry. |  |
In commercial reality, an insurance Death benefit should be paid in 30 days after the receipt of the Certified Copy of the Death Certificate and Certified Copy of the Nominated Beneficiaries ID. But administration with their corporate lawyers ask for other documents like certified copy of the WILL, which legally is not relevant but delays and confuses the process unnecessarily causing more grief. Therefore, compensation should be paid, instead of TV adds criticising financial advisers. If a financial adviser was involved, their advice would provide $42 million in appropriate insurable needs, not $4.2 million - tick a box bureaucracy.
Assuming that $4.2 million is the total cost to Aus Super that is an average of only $600 per claim which is paltry considering the impact on the claimant at what is arguably the most life changing and stressful times in their life.
This cannot be right?!