The 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.
The corporate regulator is suing embattled construction industry superannuation fund Cbus Super for not processing death and disability insurance claims in a timely manner, costing thousands of members a total of $20 million.
Only 11 per cent of claims were less than three months old, ASIC has claimed. In a report lodged with the regulator last year, Cbus conceded the delays led to members losing about $20 million. In a statement, Cbus apologised for the delays in processing claims, acknowledged they had added to the distress of members and their families, and promised to do better.
Cbus is the default super fund for the construction industry and along with employer and other union representatives has CFMEU directors on its board. Reports to Cbus’ board did not “suggest any cause for alarm and gave the impression that any problem was being adequately addressed” until August 2023, according to ASIC.
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