Reported 22 days ago
Australia's securities regulator has condemned the nation's pension funds for their inadequate handling of death benefit claims, revealing significant delays and systemic failures in customer service. A report by the Australian Securities & Investments Commission (ASIC) highlighted cases where grieving families experienced unacceptable wait times for payouts, prompting lawsuits against major funds like AustralianSuper and Cbus. The report outlines numerous issues and presents 34 recommendations aimed at improving the industry's practices and responsiveness.
Source: YAHOO