Cbus chief executive Kristian Fok apologised to the 10,000 Cbus members – as well as their families – whose death and disability claims were delayed.
Cbus chief executive Kristian Fok has blamed high staff turnover at a third-party administrator, to which it outsourced claims handling, for the super fund’s significant delay in dealing with death and disability insurance claims.
“The delays, as I indicated, have primarily emanated from our administrator. We are still responsible for it. We need to ensure as best as we can that we can rectify it, and we have been doing that. We had experience with the administrator, a large amount of turnover, and need to uplift on training; there’s been quite a lot of actions we’ve had to instigate.”over allegations the fund failed to identify and prevent delays that affected 10,000 members since August 2022.
“The industry has got to have a conversation in the not-too-distant future about how we collectively deal with this challenge of a paucity of competent administrators in the field,” Swan said. “Everyone says in-source it. You cannot click your fingers and in-source some of the functions that are currently outsourced through the former Link.”Fok told the Senate committee the fund recognised the delays added to the distress families were experiencing at a difficult time.
Fok said the board was still considering the three CFMEU-affiliated directors – Paddy Crumlim, Jason O’Mara and Lucy Weber – nominated by the administrator.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Jobs go as troubled industry super giant Cbus rolls out restructureStreet Talk asked Cbus how many roles reported to chief investment officer Brett Chatfield now versus his appointment in June 2023 but did not receive a response.
Read more »
Corporate regulator sues Cbus over unresolved insurance claimsThe corporate regulator is taking the embattled construction superannuation fund to court for not processing death and disability insurance claims in a timely manner, costing its members about $20 million.
Read more »
Corporate regulator sues Cbus over unresolved insurance claimsThe corporate regulator is taking the embattled construction superannuation fund to court for not processing death and disability insurance claims in a timely manner, costing its members about $20 million.
Read more »
Corporate regulator sues Cbus over unresolved insurance claimsThe corporate regulator is taking the embattled construction superannuation fund to court for not processing death and disability insurance claims in a timely manner, costing its members about $20 million.
Read more »
ASIC to take action against Cbus Super over delayed death and disability paymentsASIC will take action against Cbus Super over the delayed payments of death and disability benefits to around 10,000 members.
Read more »
How Kristian Woolf ignited Tonga's rugby league revolutionJason Taumalolo has lauded Kristian Woolf as the real pillar of Tonga's rugby league revolution, seven years after his own defection helped revive Test football.
Read more »