Overview

• ASIC's landmark report highlights systemic failures in death benefit claims handling across 10 trustees managing 38% of member benefits.
• The report found 78% of delays were caused by issues within trustees' control, with First Nations members experiencing even longer delays and insensitive communication.
• One case detailed an Indigenous woman waiting over 500 days for a $100,000 death benefit, which had still not been paid as of the report's findings.
• ASIC issued 34 recommendations for reform, including streamlined processes, staff training, and removing barriers for vulnerable groups.
• Superannuation funds have apologized and begun implementing changes, but significant gaps remain, with legal proceedings against Cbus and AustralianSuper ongoing.