In a startling move, ASIC has announced it will be suing AustralianSuper over delays that have left thousands of grieving families in limbo. Allegedly, many death benefit claims have been left unprocessed for years, causing families to wait up to four years for a payout. In the last six months, ASIC has ramped up its scrutiny of the superannuation sector by launching similar lawsuits against other superfund giants. As the pattern of deficiencies grows, the question looms: is Australia’s superannuation system capable of upholding its intent, or is it time for a fundamental overhaul?
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