Interview with Chris Okeefe 2GB Drive

‍ ‍ **Subjects:** Super fund death benefits ‍ E&OE……… ##### **Chris O'Keefe** Senator Andrew Bragg is on the line. Senator, thanks for your time. ‍ ##### **Senator Bragg** G'day, Chris. How are you? ‍ ##### **Chris O'Keefe** Systemically ripping off grieving families. It's hard to sort of stomach. ‍ ##### **Senator Bragg** Well, I feel like we're not getting anywhere. And until we see some heads on a spike, there's not going to be any change because we've now heard that it's a systemic issue. The super funds are dragging out the timetable to make the payments from the Super Complaints Tribunal, also from the consumer advocates and now from the regulator. But the Government, I don't think is pushing the regulator hard enough here. ‍ ##### **Chris O'Keefe** As you've been investigating this and prosecuting this in the Senate, have you heard some pretty gut-turning examples of what superannuation funds have been doing to people? ‍ ##### **Senator Bragg** Well, there's one very sad story where there's a fellow in Tasmania called John Bothman, who had been asked by his super fund to get a second death certificate for his wife, which I raised with ASIC personally last October at Senate Estimates. And then I asked ASIC again today, at Senate Estimates, four months later, and they didn't have an update on that particular case. So I'm frustrated that there's a lack of urgency. Stephen Jones is the Minister in the Labor Government that has asked ASIC to work on this, but I feel like they're not taking it seriously and people having to deal with a very stressful time in their lives being made so much worse. ‍ ##### **Chris O'Keefe** This feels like something that would have popped up in the Hayne Royal Commission into the banks. But because it's a super fund, somehow it's not being taken quite as seriously? ‍ ##### **Senator Bragg** Well, look, what we're going to do is, because we have a separate review into this issue through the Senate, is we will look at law reforms. And one thing we will look at, Chris, is maybe there should be a standard timetable, that if someone does pass away or they are totally and permanently disabled, that the fund has to deal with the claim within a matter of weeks, at least in a preliminary sense. ‍ ##### **Chris O'Keefe** Will that be something that the Government could support support, would support? ‍ ##### **Senator Bragg** Well, I mean, all the Government is doing at the moment is just talking and making air. I mean, blowing hot air into the ether. I'm not sure what the Government is prepared to do. Historically, the Government hasn't wanted to do anything that the union Industry Super Funds don't like. It looks, according to the Financial Complaints Tribunal data, that most of the funds are dragging the chain here are actually the Industry Super Funds. ‍ ##### **Chris O'Keefe** All right, Senator, we'll stay on it. You've got a sympathetic ear here, and I'm more than willing to push the barrow as hard as is necessary to get proper change, because you cannot have a situation where AFCA the Australian Financial Compliance Authority says, superannuation funds are systemically holding up payments in the cases of dead relatives and paying out their superannuation annuity and death benefits. It is just not on, not on in any way. ‍ ##### **Senator Bragg** It's an outrage, Chris. Look, I'll personally talk to any of my constituents or anyone in Australia, for that matter, who's having one of these problems. ‍ ##### **Chris O'Keefe** Andrew Bragg. Appreciate your time. ‍ ##### **Senator Bragg** Thanks, Chris. ‍ **[Ends]**