Reported 11 days ago
Australia's financial regulator has initiated civil penalty proceedings against Cbus Super, one of the country's largest pension funds, due to significant delays in processing death benefits and insurance claims. It is alleged that some claims took over a year to process, affecting more than 10,000 individuals and resulting in an estimated A$20 million in financial losses. Cbus has acknowledged the delays and is working with the regulator to address the issues.
Source: YAHOO