In a letter sent to the CEOs of superannuation trustees last month, Australian Securities and Investments Commission (ASIC) Commissioner Simone Constant demanded that the executives resolve longstanding customer service failings.
Constant argued that "consistently weak" processes, particularly in handling bereaved members, are indicative of broader governance failures. She demanded that CEOs review internal dispute resolution processes, commit to measurable improvements in business plans, and report progress to boards. "Deficient services harm members during their most vulnerable times," Constant said.
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