CBUS

Written by Claude Haiku 4.5 from the extracted text on 28 Feb 2026. It can miss or misread redacted and scanned pages. Check the source before relying on it.

Treasury's FOI release includes two internal documents addressing regulatory enforcement actions against superannuation funds. A ministerial submission and an incoming brief for the Assistant Treasurer outline ASIC and APRA enforcement measures targeting member services failures. Cbus Super faced ASIC civil penalty proceedings (November 2024) for inefficient and unfair handling of death benefits and TPD insurance claims, alongside APRA-imposed additional license conditions for governance failures and a separate investigation into fund expenditure management. AustralianSuper received a $27 million fine for failures to merge multiple accounts and faced ASIC legal action over delayed processing of death benefits claims. The documents indicate Treasury was briefing incoming ministerial staff on the regulatory landscape affecting major superannuation funds during this period.