Australia's corporate watchdog has launched legal action against superannuation giant Mercer, alleging the fund failed to report serious issues whereby they charged members insurance premiums after they had died, created member accounts without default insurance cover, and failed to process updates to member information.
Australia's corporate watchdog has launched legal action against superannuation giant Mercer , alleging the fund failed to report serious issues whereby it charged members insurance premiums after they had died, created member accounts without default insurance cover, and failed to process updates to member information.
Examples of these system failures, ASIC alleged, included Mercer Super failing to report seven investigations at all, and another investigation being reported more than a year late.This included investigations into insurance premiums not being refunded correctly after members had died, member accounts not being created with default insurance, and updates to member information not being processed by the trustee.
"We have cooperated with ASIC during the investigation of this matter and are currently reviewing the claim," a spokeswoman said. In a speech in June 2025, ASIC chair Joe Longo outlined that the next phase of ASIC's work in the superannuation sector will address how trustees learn from and respond to the complaints they receive.
Superannuation Superannuation Funds Superannuation Members Death Benefits Insurance Insurance Premiums Dead Members Charged Insurance Premiums Super Insurance ASIC Mercer Super Misleading Information False Information Court Courts Federal Court Sarah Court Joe Longo Super Trustee Super Trustees Financial Services Misconduct Corporate Misconduct
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