Newspaper icon
The latest issue of Financial Standard now available as an e-newspaper
READ NOW

Search Results

Showing 81 - 90 of 987 results for "Death"

Insurance in super remains a mystery to millions of Australians

ANDREW MCKEAN  |  FRIDAY, 28 MAR 2025
... in risky occupations. According to modelling by the Productivity Commission, a low-income, blue-collar worker paying for death, total and permanent disability (TPD), and income protection insurance could retire with $85,000 - or 14% less - than if they ...

ASIC, ASFA spar over super fund trustees 'not knowing' their business

ANDREW MCKEAN  |  THURSDAY, 13 MAR 2025
... Directors Australian Governance Summit, Longo pointed to AustralianSuper's alleged delayed processing of nearly 7000 death benefit claims and its failure to merge multiple accounts, Aware Super charging fees for no service, Westpac/ BT incorrectly ...

AustralianSuper sued over death benefit delays

JAMIE WILLIAMSON  |  WEDNESDAY, 12 MAR 2025
Australia's largest super fund is being sued by ASIC over the delayed processing of close to 7000 death benefit claims, with some beneficiaries left waiting four years for a payout. The regulator has commenced federal court proceedings against AustralianSuper ...

Insurance through superannuation stages a comeback

ANDREW MCKEAN  |  TUESDAY, 4 MAR 2025
... inactive accounts, or those aged under 25 - taking a sledgehammer to the number of people insured through superannuation for death benefits. Intended to prevent insurance premiums from eroding members' account balances for cover they mightn't ...

Multiple account bungle costs AustralianSuper $27m

KARREN VERGARA  |  FRIDAY, 21 FEB 2025
... Superannuation Industry (Supervision) Act 1993 (Cth). ASIC is currently investigating AustralianSuper over delays in paying out death benefits after it remediated members last year.

Bragg accuses ASIC of secrecy

ELIZA BAVIN  |  THURSDAY, 20 FEB 2025
... that these funds are operating on the basis that they are compulsory?" Bragg said. "Clearly people are not getting their death benefits paid, they're being charged for multiple accounts, they're being charged insurance they don't want, and ...

Super's operational infrastructure 'not quite right'

ELIZA BAVIN  |  FRIDAY, 14 FEB 2025
... 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 "something is not quite right" somewhere in the system. "We ...

Industry fund insurance bungle adds fuel to mounting outrage

ANDREW MCKEAN  |  THURSDAY, 13 FEB 2025
... mishandling comes as other major superannuation funds have been caught up in ASIC investigations and legal action for stalling on death benefit payouts. The industry fund, which has over two million members, wrote to impacted members acknowledging the ...

AustralianSuper under investigation for delayed death benefit payouts

ANDREW MCKEAN  |  THURSDAY, 6 FEB 2025
AustralianSuper is being investigated by ASIC over delays in paying out death benefits, after it remediated members last year. AustralianSuper announced last November that it would compensate around 7000 beneficiaries with $4.2 million for death benefit ...

ASIC bans adviser fraudster found with child abuse material

ANDREW MCKEAN  |  WEDNESDAY, 29 JAN 2025
... position of trust, being a financial adviser. It was brazen, persistent and premeditated." Judge Smith said after the client's death, the funds were meant to go to his brother, who was unaware of the entitlement and died a few years later, making his ...