ASIC says it has done a thorough investigation into all super funds in the country and more court action is likely.
CEO of Cbus Super Kristian Fok appears via video link during the Senate committee.Australia's largest super fund s have fronted a Senate committee and faced tough questions on their treatment of vulnerable customers.
After the hearing, deputy chair of ASIC Sarah Court said it was not just Cbus who had done wrong, and all super funds would be "put on notice". He added that the delays were largely due to Cbus's administrator going through a large turnover in staff. Misha Schubert, chief executive at Super Members Council of Australia, said across the board, super funds had to do better.
She added that there had to be additional considerations to policy reform, such as digitising binding death nominations and other measures to speed the process of those claims.
Super Fund Cbus Super ASIC Senate Hearing
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