ASIC sues AustralianSuper over death benefits | Australian Markets

The Australian Securities and Investments Fee (ASIC) has introduced it’s suing AustralianSuper over delayed processing of death benefit claims.

The regulator mentioned that it had initiated motion within the Federal Courtroom alleging that between 1 July 2019 and 18 October 2024, AustralianSuper didn’t course of death benefit claims effectively, truthfully and pretty when it took between 4 months and 4 years from the date the declare kind was returned to evaluate no less than 6,897 death benefit claims.

ASIC additionally alleges AustralianSuper didn’t pay member’s advantages as quickly as practicable after the member’s death in respect of no less than 752 members. In a single case, regardless of having all the knowledge required to pay the benefit, it took AustralianSuper 1,140 days to make the cost; others took 438, 412 and three hundred and sixty six days.

In 254 circumstances, AustralianSuper took between 15 to 213 days to supply the declare kind, in line with ASIC’s allegations.

ASIC Deputy Chair, Sarah Courtroom mentioned, ‘At its coronary heart, this matter is about defending susceptible Australians and their households.

‘It is vital that death benefit claims are processed in a timely manner. Delays are likely to cause further pain and anxiety to people who are already suffering from grief, making what is already a difficult time even harder.’