(Reuters) -Australia’s corporate regulator said on Thursday it had taken pension fund Mercer Super to court, alleging it failed to disclose investigations into major member service failures, including wrong insurance refunds to deceased members.

The Australian Securities and Investments Commission said Mercer lacked adequate systems to comply with the reportable situations regime, which requires financial services licensees to promptly disclose ongoing investigations into significant breaches of their obligations.

The alleged breaches occurred between October 2021 and September 2024. ASIC also claims Mercer understated the number of affected members in reports to the regulator.

“We allege a pattern of longstanding and systemic failure by Mercer Super to comply with the law,” said Sarah

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