I recently wrote about ASIC commencing penalty proceedings against CBUS Superannuation Fund.
In those proceedings, ASIC asserts CBUS failed to act efficiently when handling claims for the payment of Death Benefits of members.
Well, ASIC is on the civil penalty proceedings path again.
This time, ASIC is taking on Australia’s largest superannuation fund: Australian Super.
ASIC alleges that for almost 10 years, Australian Super failed in various respects including:
1. Not having procedures to identify and merge multiple accounts of members, resulting in members being charged multiple fees and insurance premiums;
2. Failing to ensure its financial services were provided efficiently, honestly and fairly.
ASIC is seeking penalties and other orders against Australian Super.
I often write about the importance of having a Binding Death Benefit Nomination (BDBN) in place to direct how your superannuation Death Benefits are paid.
It is a crucial step in your Estate Planning.
If you have multiple superannuation accounts, it is important that you have a BDBN in place for each account.
If you don’t have a BDBN in place, the payment of your Death Benefit is left to the discretion of the Trustee of the fund – something over which you have no control!