Cbus industry super fund apologises for 'far from perfect' behaviour

3 days ago · The chief executive of industry super fund Cbus has apologised in a Senate committee for the fund's "far from perfect" behaviour, amid warnings from ASIC that all …

CouponFollow Extension

$4
OFF

ASIC Warns Directors Could Be On Hook For Super Customer Failures

1 week from now

3 days ago · The CFMEU received about $4 million from super funds in 2022-23, most of which was from Cbus. This was far more than any other union obtained; all other unions received a …

afr.com

$4
OFF

‘We Are Far From Perfect’: Cbus CEO Apologises - Financial Review

1 week from now

3 days ago · The CFMEU got around $4 million from super funds in the 2023 financial year, most of which was from Cbus. This was far more than any other union, with all other employee …

afr.com

$94
OFF

Systemic Failure In Super, Says ASIC’s Sarah Court, As Watchdog …

1 week from now

4 days ago · The regulator took the $94 billion construction industry fund Cbus to court on Tuesday over $20 million owed to bereaved members. ASIC deputy chair Sarah Court says …

afr.com

$3
OFF

Cubs Lawsuit Has Put The Big Super Funds On Notice

1 week from now

2 days ago · Australia’s corporate watchdog – the Australian Securities and Investments Commission (ASIC) – has put our $3.9 trillion superannuation sector on notice, launching legal …

businessnewsaustralia.com

$94
OFF

Cbus Shocker Triggers More Questions | The Chronicle

1 week from now

4 days ago · Cbus, the $94bn fund with nearly one million members, is now the canary in the coal mine for anyone with money in “big super”. The shock move by ASIC to sue Cbus comes after …

thechronicle.com.au

FAQs about Cbus industry super fund apologises for 'far from perfect' behaviour Coupon?

When will Cbus report be released?

A detailed report will be released in early 2025. The chief executive of industry super fund Cbus has apologised in a Senate committee for the fund's "far from perfect" behaviour, amid warnings from ASIC that all providers should be "on notice" over bad behaviour. ...

Why has Cbus CEO Kristian Fok apologised again?

Cbus CEO Kristian Fok has apologised again in his opening statement to the Seante committee after ASIC accused the fund of failing to process $20 million worth of death and disability claims in a timely manner. Mr Fok said he wouldn't be able to go into too much detail today due to the ongoing litigation brought by the regulator. ...

Did ASIC take industry superannuation fund Cbus to court?

The Senate Economics References Committee hearing came in the wake of regulator Australian Securities and Investments Commission (ASIC) taking industry superannuation fund Cbus to court. According to ASIC, Cbus failed to process more than 10,000 death and disability claims in a reasonable timeframe. ...

How much money does Cbus manage?

Cbus, which is linked with unions including the CFMEU, manages $94 billion in assets, according to its website. Super fund Cbus has resolved thousands of disability and death claims subject to legal action by the financial regulator, a parliamentary inquiry has been told. ...

Did Cbus delay paying out insurance claims?

It follows allegations from ASIC that Cbus, a multi-billion-dollar super fund, delayed paying out insurance claims. ASIC deputy chair Sarah Court said on Wednesday the watchdog believes it's "a broader industry issue". Follow the day's financial news and insights from our specialist business reporters on our live blog. ...

Did Cbus fail to process a death and disability claim?

According to ASIC, Cbus failed to process more than 10,000 death and disability claims in a reasonable timeframe. After the hearing, deputy chair of ASIC Sarah Court said it was not just Cbus who had done wrong, and all super funds would be "put on notice". ...