Regulatory Alerts2025-08-14
ASIC sues Mercer Super alleging systemic failure to report member services investigations
The Australian Securities and Investments Commission has launched Federal Court proceedings against Mercer Super, alleging systemic failures to comply with the reportable situations regime between October 2021 and September 2024. The regulator claims the fund failed to report seven investigations into significant breaches, including incorrect insurance premium refunds for deceased members, and provided misleading information that understated the number of impacted members. This action is part of ASIC's 2025 enforcement priority to address member services failures in the superannuation sector, with the commission seeking declarations and penalties for the alleged longstanding non-compliance.
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