Thu, 3rd Apr 2025

In this weekly recap of Australian Superannuation news, Financial Services Online discusses the Australian Securities and Investments Commission (ASIC)'s concern over certain Super Funds deducting insurance premiums and advice fees from deceased members' accounts, leading to calls for improved claims processing. The Association of Superannuation Funds of Australia (ASFA) pledged to enhance claim processes to minimize future complaints. Also highlighted was ASIC's legal action against AustralianSuper for delayed death benefit claims processing, allegedly breaching the Corporations Act, affecting almost 7000 bereaved families. The potential impacts of genetic testing on superannuation insurance were discussed, with ASFA supporting a ban on adverse genetic testing use in life insurance. We also discussed member support for proposed reforms in the Rest Superannuation Fund, and AustralianSuper's divestment from WiseTech due to governance concerns.