ASIC stonewalls Bragg on death benefit intentions | Australian Markets

The Australian Securities and Investments Fee (ASIC) has prevented disclosing to a Senate Committee whether or not it can deal with superannuation fund failures across the handling of death advantages by way of courtroom motion or much less clear mediation.

Regardless of being pressed on the problem by NSW Liberal Senator, Andrew Bragg, ASIC commissioners Simone Fixed and Alan Kirkland decline to specify the regulator’s intentions with respect to its handling of large construction industry fund, Cbus.

Fixed argued that it will be inappropriate to reveal or talk about ASIC’s intentions as a result of the matter was nonetheless on foot.

Bragg requested Fixed whether or not, provided that the Cbus claims handling problem was a matter of great public curiosity, “ASIC is seriously thinking of dealing with this matter through mediation?”

Fixed mentioned that she would take the query on discover however believed it was one thing which ASIC couldn’t touch upon.

Bragg mentioned that his problem was that if a case was taken by ASIC to mediation slightly than via a courtroom “would there be less information known to the public?”

“I cannot comment on that,” Fixed mentioned.

She denied Bragg’s assertion of silence across the points and mentioned that, in her skilled view, “ASIC has been anything like silent on the processing of claim”

Urgent the problem, Bragg famous that it was important to get deterrence in a state of affairs the place a lot of unhealthy stuff had occurred with respect to death advantages handling and the “risk of going to mediation risks to further bad behaviour if the detail doesn’t come out”.