Legal
Watchdog Warns Australian Pensions On Claims Oversight Failures
- ASIC commissioner writes to chiefs of superannuation funds
- Regulator warns of weak practices and oversight of claims
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Australia’s pensions regulator has put the nation’s A$3.9 trillion ($2.5 trillion) industry on notice over the handling of death benefit claims, just days after it sued one of the largest funds for unacceptable delays.
In a letter to pension fund chiefs, the Australian Securities and Investments Commission warned of “consistently weak trustee practices” to prompt immediate action on claims and failure to gather and analyse data related to members’ outcomes.