ASIC Sues Cbus Over Delayed Death and Disability Payments
- The Australian Securities and Investments Commission (ASIC) has launched legal proceedings against Cbus Super, alleging systemic failures in handling claims.
- Legal Action: ASIC's lawsuit aims to address these systemic issues and ensure timely resolution of claims for affected members.
- ASIC’s action highlights its commitment to protecting the rights of Cbus Super’s members by addressing these systemic failures in claims handling.
ASIC Takes Action Against Cbus Super Over Delayed Payments
The Australian Securities and Investments Commission (ASIC) has launched legal proceedings against Cbus Super, alleging systemic failures in handling claims. Specifically, it is reported that more than 6,000 members and claimants experienced delays of over 12 months in receiving their payments, including death and disability benefits[1][3][4].
- Allegations: Cbus Super is accused of causing significant delays in resolving insurance claims, which has affected many members.
- Impact: Thousands of individuals, including widows and disability claimants, have been waiting for their rightful payments, which equates to millions of dollars in delayed compensation.
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Legal Action: ASIC’s lawsuit aims to address these systemic issues and ensure timely resolution of claims for affected members.
ASIC’s action highlights its commitment to protecting the rights of Cbus Super’s members by addressing these systemic failures in claims handling. The litigation serves as a reminder for financial institutions to maintain accurate and timely processing of payments.