Under The Freedom Of Information Act 1982 (cth), I Request Access To Any Brief, Advice, File Note Or Other Material That The Australian Securities And Investments Commission (asic) Has Provided To…

Written by Claude Haiku 4.5 from the extracted text on 27 Feb 2026. It can miss or misread redacted and scanned pages. Check the source before relying on it.

This FOI disclosure contains a Senate committee question-on-notice response regarding ASIC's enforcement action against the Construction and Building Unions Superannuation Fund (Cbus), administered by United Super Pty Ltd. ASIC commenced investigation on 4 October 2023 following a breach report and filed civil penalty proceedings in the Federal Court on 12 November 2024. The regulator received three complaints about insurance failures prior to investigation—in 2007, 2020, and 2023—and seventeen additional complaints since proceedings commenced. ASIC alleges systemic claims handling failures including inadequate identification of risks in the claims processing system, improper board reporting that obscured the scale of delays in death and total permanent disability claim processing, and failure to take prompt remedial action. No monetary penalties or specific timelines for resolution are disclosed in this excerpt, though ASIC indicated it will participate in court-ordered mediation with transparent