The Australian Securities and Investments Commission (ASIC) is suing Cbus, a $94 billion superannuation fund, for delays in processing death and disability claims.
ASIC alleges that only 11% of 10,000 claims, dating back to September 2022, were resolved within the mandated 90-day period. As a result, members incurred financial losses exceeding $20 million, a figure expected to rise. The issue came to light after a customer complaint prompted Cbus to self-report in December. However, ASIC has since described the fund’s initial reports as “false and misleading.”
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