Category Archives: Asic

Super fund took more than 500 days to approve death benefit for grieving widow, Asic says

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Landmark report makes 34 recommendations to overhaul the superannuation sector, citing delays, poor customer service and ineffective procedures

An unnamed superannuation fund took more than 500 days to approve a death benefit payment to an Indigenous woman grieving the loss of her husband and ignored her concerns about financial hardship and a confusing claims process.

The “distressing” case has been highlighted by the financial regulator as one of many “poor industry practices” by funds that have had “devastating impacts” on members experiencing “deep grief, vulnerability, frustration and genuine suffering”.

A “landmark” report released by the Australian Securities and Investments Commission (Asic) on Monday has made 34 recommendations to overhaul the superannuation sector. The report investigated the conduct of 10 trustees, which are responsible for 38% of all member benefits in Australia.

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Predatory rent-to-buy operators barred from Centrepay debit system in sweeping Albanese government reforms

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Exclusive: ‘High-risk services’ will be removed, including companies providing consumer leases and household goods

The federal government will boot predatory rent-to-buy operators off its Centrepay debit system as part of sweeping reforms designed to stop the financial abuse of vulnerable Australians.

The reforms, set to be announced Monday, follow a Guardian Australian investigation that revealed shocking failures in the Centrepay system and helped trigger an urgent government review.

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Thousands complain over way super funds handle and pay out death and disability claims

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Data from the financial watchdog strongly supports Asic’s claim ‘there is a systemic issue’ across the superannuation sector, advocate says

More than 5,000 people have lodged complaints with a financial watchdog about how the 10 largest superannuation funds have handled death and group insurance claims over four years.

Complaints to the Australian Financial Complaints Authority (Afca) about the entitlements – a lump sum provided to a member’s family when they die – have increased each year since 2020/21. They rose from 921 to 1,048, then 1,459 and 1,611.

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Asic taking down average of 20 scam websites a day

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Crypto scams accounted for 615 takedowns, the regulator says, as total number exceeds 7,300 in 12 months

More than 7,300 websites have been taken down in the first year of operation of the Australian Securities and Investment Commission’s service targeting investment scams, the regulator has revealed.

Since the beginning of the program in July 2023, Asic said it had shut down thousands of scam websites that offer fake investment trading platforms and cryptocurrency investments that are often spread online through social media containing false celebrity endorsements.

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Asic should be split in two after ‘comprehensively’ failing as regulator, parliamentary inquiry finds

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Scathing report says commission’s investigations and decisions are ‘opaque’ and it responded to criticism by managing its own reputation

Australia’s corporate watchdog should be split into two after “comprehensively” failing its role as a regulator, including focusing more on managing its reputation than enforcement action, a parliamentary committee inquiry has found.

The economics committee’s report, released Wednesday, delivers a scathing overview of the Australian Securities and Investments Commission’s (Asic) role in ensuring allegations of corporate misconduct are investigated and punished.

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Victoria police were asked to look at HyperVerse information in 2020 – but sent case back to Asic 22 months later

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Australian financial regulator says it referred crypto scheme to police for alleged ‘possible fraud’ and believed matter was under ‘active consideration’

Australia’s corporate watchdog referred information about the alleged US$1.89bn “Ponzi scheme” known as HyperVerse to Victoria police in 2020, only for it to be referred back almost two years later without any action being taken.

The Australian Securities and Investments Commission made the referral to Victoria police for alleged “possible fraud offences” after concerns were raised with the corporate regulator about a related company, Blockchain Global. Asic did not provide detail on what prompted the referral.

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