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Showing 11 - 20 of 22 results for cbus death benefit claims

AustralianSuper sued over death benefit delays

JAMIE WILLIAMSON  |  WEDNESDAY, 12 MAR 2025
... reduce significantly. Member services failures are an enforcement priority for ASIC. It recently filed a similar case against Cbus. In that case, ASIC alleges about 10,000 members were impacted by delays to death and TPD claims processing, with some ...

Super's operational infrastructure 'not quite right'

ELIZA BAVIN  |  FRIDAY, 14 FEB 2025
... from the Conexus Institute. The report highlighted failures in member servicing - which have been heightened in the wake of Cbus and AustralianSuper admitting to failures to deliver timely death benefit claims - which it said stand as an indication that ...

AustralianSuper under investigation for delayed death benefit payouts

ANDREW MCKEAN  |  THURSDAY, 6 FEB 2025
... fund has now cleared the backlog or if unresolved cases remain. Last November, ASIC also launched legal proceedings against Cbus over delays in processing insurance claims, alleging members were impacted by delays to death and total and permanent disability ...

AustralianSuper to pay $4.2m for delayed claims handling

ELIZA BAVIN  |  THURSDAY, 21 NOV 2024
... dedicated team has been established to support affected beneficiaries. This comes after ASIC launched proceedings against Cbus just this month for the same issue. Court documents filed by ASIC alleged Cbus members were impacted by delays to death and ...

ASIC flags 'consistently weak' claims processes

JAMIE WILLIAMSON  |  WEDNESDAY, 20 NOV 2024
Following its recent action against Cbus, ASIC has warned all super trustees to ensure they are processing death benefit claims efficiently, saying it has seen "consistently weak" practices and "operational failures." ASIC has put super funds on notice ...

ASIC escalates super fund enforcement in 2025

KARREN VERGARA  |  FRIDAY, 15 NOV 2024
... efficiently'," Court said. She went on to say that ASIC has "got much work to come early in the new year on this area". Cbus, BUSSQ, and First Super this year made headlines with respect to their ties with the Construction, Forestry and Maritime ...

Bragg calls for Cbus to front Senate

ELIZA BAVIN  |  WEDNESDAY, 13 NOV 2024
Senator Andrew Bragg has called on Cbus chief executive Kristian Fok to face a Senate inquiry over the recent legal proceedings launched by ASIC against the fund and the CFMEU scandal. "The reason that we're having a Senate inquiry in Canberra into ...

ASIC sues Cbus over insurance claim delays: 'We're sorry'

ELIZA BAVIN  |  TUESDAY, 12 NOV 2024
ASIC has launched legal proceedings against Cbus over delays in the processing of insurance claims made by members. Court documents were filed by ASIC in the Federal Court today, alleging members were impacted by delays to death and TPD claims processing ...

'Our patience is running thin': ASIC

ELIZA BAVIN  |  THURSDAY, 15 AUG 2024
... ASIC was concerned about accountability at the board level - a timely mention given the recent concerns around the CFMEU, Cbus and BUSSQ. "Boards of trustees need the right skills and reporting structures to oversee and deliver retirement income strategies ...

Cbus announces changes to admin fees, premiums

JAMIE WILLIAMSON  |  WEDNESDAY, 11 MAY 2022
Following on from the completion of its merger with Media Super, Cbus will shave its administration fees by 25%. However, at the same time, some members will begin paying more for death and TPD. The reduction in the dollar-based administration fee will ...