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Mercer Super sued over ‘systemic’ failures
Financial Standard
|August 25, 2025
Mercer Super allegedly failed to report seven investigations it undertook into serious member services failures, including one into premiums charged to dead members being refunded incorrectly.
The proceedings allege Mercer Super failed to report seven serious investigations at all, while another was reported more than a year later than it should have been.
Under the Reportable Situations Regime, all AFSL holders must notify ASIC of a reportable situation — in this instance, a significant breach of ‘core obligations’ — within 30 calendar days of it becoming known. The regime came into effect in October 2021.
The regulator alleges that, between October 2021 and September 2024, Mercer Super had inadequate systems in place to comply with the regime, resulting in the investigations not being reported.
Diese Geschichte stammt aus der August 25, 2025-Ausgabe von Financial Standard.
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