ASIC has written to the CEOs of superannuation trustees, urging them to assess their death benefit claims handling practices and address any identified deficiencies.
The letter signed by ASIC Commissioner Simone Constant, flags our observations of operational failures by trustees to gather and analyse data that provides insights into the outcomes experienced by claimants.
Improving services to superannuation fund members is a strategic priority for ASIC. In 2023, we commenced a multi-year project looking at industry practices and compliance with laws relating to trustee administration and contact centres.
We published our interim observations on death benefit claims handling in May 2024 following a website review, and subsequently issued notices to 10 trustees requesting granular claims data and documents such as policies, procedures, communications, claims files and complaints records.
ASIC will be issuing a public report in early 2025, with detailed insights from the completed review.
ASIC is committed to acting against member services failures in the superannuation sector. Last week, we filed civil penalty proceedings against United Super Pty Ltd (24-251MR), the trustee of the Construction and Building Unions Superannuation Fund (Cbus) for alleged failures to act efficiently, honestly and fairly in the handling of claims for death benefits and total and permanent disability insurance.
Additional information
- Open letter to CEOs of superannuation trustees
- 24-251MR ASIC sues Cbus alleging systemic claims handling failures
- Improving superannuation member services — Dealing with death benefit claims
ASIC is Australia’s corporate, markets and financial services regulator.