The Australian Securities & ­Investments Commission has filed charges against Cbus Super for allegedly mishandling $20 million in insurance money owed to grieving families and people with disabilities.

The ASIC has alleged that Cbus Super did not take appropriate action when warned about massive failures and many customers are potentially still waiting for payouts.

Liberal Senator Andrew Bragg told Peter Fegan on 4BC Breakfast, “Super funds are the most privileged companies.”

“I’m very troubled that the Treasurer Jim Chalmers has been running a protection racket for the Cbus Super fund,” Senator Bragg said.

Hear more highlights from Peter Fegan below:

Image: cbusproperty/Instagram

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