ASIC taking Cbus Tremendous to court docket over delayed dying and incapacity funds to over 10,000 members
The company regulator ASIC is taking trade superannuation fund Cbus to court docket for failing to course of greater than 10,000 dying and incapacity claims in a well timed method.The Australian Securities and Investments Fee is alleging that funds from greater than 6,000 of these claims have been delayed by greater than a 12 months.That equates to greater than 50 per cent of Cbus' whole claims at the moment and it's alleged they're but to utterly rectify these points.ASIC says the monetary loss to members might prime $20 million and has launched authorized motion within the Federal Court docket in search of penalties and different compliance orders.The civil penalty proceedings allege that from September 2022 to November 2024, Cbus didn't act effectively, truthfully and pretty within the ...