'Systemic Failure by Mercer Super,' ASIC Alleges, as It Takes $70b Fund to Court

ASIC chases Mercer over alleged super reporting failures

The corporate regulator claims Mercer breached its obligations by not telling ASIC it was looking into eight serious issues, including blunders in refunding premiums charged to dead members.

'Systemic failure by Mercer Super,' ASIC alleges, as it takes $70b fund to court

Australia's corporate watchdog has launched legal action against superannuation giant Mercer, alleging the fund failed to report serious issues whereby they charged members insurance premiums after they had died, created member accounts without default insurance cover, and failed to process updates to member information.

ASIC sues $70b super giant for ‘longstanding and systemic failures’

Mercer Super repeatedly failed to tell the regulator that it was investigating serious issues in its business, the regulator claims.

ASIC sues Mercer Super over ‘failure’ to report member services investigations

The Australian Securities and Investments Commission (ASIC) has sued Mercer Super, one of Australia's largest superannuation funds with 950,000 members and $70bn (£51.5bn) in assets under management, over alleged failures to tell ASIC about investigations into serious member services issues. These included investigations into incorrect insurance premium refunds for dead members, member accounts not being created with default insurance, and updat…

ASIC sues Mercer Super over 'failure' to report member services investigations

The Australian Securities and Investments Commission (ASIC) has sued Mercer Super over alleged failures to tell ASIC about investigations into serious member services issues. The post ASIC sues Mercer Super over 'failure' to report member services investigations appeared first on Investment International.

ASIC chases Mercer over failures

A failure by one of Australia's largest superannuation funds to disclose issues to ASIC, including incorrect insurance refunds for dead members, has resulted in Federal Court action.