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ASIC probes Australia’s largest super fund over death benefit payouts

The corporate regulator is investigating AustralianSuper for taking too long to pay out death benefits to beneficiaries of its deceased members.

  • Sumeyya Ilanbey

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The corporate regulator will enter into mediation with Cbus, chaired by Wayne Swan, avoiding a potentially protracted courtroom showdown.

Corporate cop enters into mediation with embattled Cbus

The construction sector superannuation fund has avoided a potentially protracted courtroom showdown that would have brought further scrutiny on its failure to promptly process the insurance claims of thousands of members. 

  • Sumeyya Ilanbey
APRA deputy chair Margaret Cole has put super funds on notice over their expenses bill.

How super funds are spending your money

Australian super funds’ expenses swelled to almost $13 billion last financial year, including a $500 million splurge on an advertising and sponsorship blitz.

  • Sumeyya Ilanbey
Stephen Jones says superannuation funds continue to fall short of “where we need to go”.

Labor sets clock ticking on super funds after death payout scandal

Grieving family members would get faster access to the superannuation of deceased loved ones under mandatory standards the Albanese government plans to introduce if re-elected.

  • Millie Muroi
Joe Longo said ASIC’s high-profile investigation into ANZ was one of the most complex investigations the regulator had undertaken.

‘Serious issues’: ANZ to learn its fate over governance scandal by mid-year

ASIC chair Joe Longo said the probe into allegations ANZ traders manipulated the bond rate was one of the most complex investigations the regulator had undertaken.

  • Sumeyya Ilanbey
MUFG chief executive Vivek Bhatia.

Company blamed for Cbus insurance delays hits back

Cbus has partially blamed administration platform MUFG for delays in paying out life insurance claims. The group’s CEO hit back on Friday.

  • Sumeyya Ilanbey
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Cbus, chaired by Wayne Swan (left), was unable to demonstrate its controversial relationship with the CFMEU (pictured right, former Victorian CFMEU secretary John Setka) was in members’ best financial interest.

Senate committee orders Wayne Swan to explain ‘discrepancies’

Cbus’ chair will be asked to clarify “gaping holes” in his testimony last week following the release of an independent inquiry examining corporate governance failures at the fund.  

  • Sumeyya Ilanbey
Cbus, chaired by Wayne Swan (right), was unable to demonstrate its controversial relationship with the CFMEU (pictured right, former Victorian CFMEU secretary John Setka) was in members’ best financial interest.

Controversial Cbus-CFMEU relationship did not improve member outcomes: report

The $94 billion superannuation giant has released the findings of the review it was ordered to undertake by the financial regulator - APRA - amid corporate governance concerns. 

  • Sumeyya Ilanbey
Wayne Swan appeared before a Senate committee on Friday morning.

Wayne Swan defends controversial CFMEU appointments to Cbus board

The super giant’s chairman was hauled before a Senate committee, where he was grilled over the governance failings engulfing the embattled fund.

  • Sumeyya Ilanbey
Wayne Swan gives evidence to the Senate economics references committee on Friday.

Wayne Swan is ‘happy to be here’ at the Senate grilling he tried to avoid

He looked about as thrilled as Johnny Depp and Amber Herd in the 2016 “hostage video” delivered after they smuggled their dogs Pistol and Boo into Australia.

  • Matthew Knott

Original URL: https://www.smh.com.au/topic/cbus-jlc