Landmark report makes 34 recommendations to overhaul the superannuation sector, citing delays, poor customer service and ineffective procedures
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An unnamed superannuation fund took more than 500 days to approve a death benefit payment to an Indigenous woman grieving the loss of her husband and ignored her concerns about financial hardship and a confusing claims process.
The “distressing” case has been highlighted by the financial regulator as one of many “poor industry practices” by funds that have had “devastating impacts” on members experiencing “deep grief, vulnerability, frustration and genuine suffering”.
A “landmark” report released by the Australian Securities and Investments Commission (Asic) on Monday has made 34 recommendations to overhaul the superannuation sector. The report investigated the conduct of 10 trustees, which are responsible for 38% of all member benefits in Australia.
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