Overview

• ASIC's landmark report reveals widespread delays and poor practices in death benefit claims across 10 major superannuation funds, affecting grieving families nationwide.
• A case involving a First Nations widow waiting over 500 days for her husband's $100,000 death benefit underscores the emotional and financial toll caused by these delays.
• The report criticizes super fund leadership for failing to manage data, systems, and processes effectively, with none of the reviewed trustees monitoring end-to-end claim handling times.
• Legal action is ongoing against Cbus and AustralianSuper, with ASIC alleging failures to process claims efficiently and fairly, impacting thousands of members.
• While some funds have introduced improvements like workflow monitoring and reduced paperwork, ASIC's 34 recommendations call for urgent, industry-wide reforms to restore trust and accountability.