Category: 3. Business

  • Spotlight on trainees at Minneapolis VA

    Spotlight on trainees at Minneapolis VA

    Veterans and trainees’ approach ‘growth journey as a family’

    At Minneapolis VA, health professions trainees are learning skills to advance their careers, and they’re also providing more access to care for Veterans in need.

    Iida Jacobsen, a trainee in the Occupational Therapy Fellowship Program, is in her second year of training at VA. After getting her license, she chose to do her fellowship with VA since she had such great experience in her field work last summer.

    The primary reason for choosing VA was her love of working with Veterans. “My grandpa was a Veteran, but I feel it goes more beyond that,” said Jacobsen. “I feel like I have a calling to work with Veterans. It’s a natural affinity that has driven me my whole life.”

    Unique learning opportunities

    Iida Jacobsen, OTR/L, a trainee at Minneapolis VA, describes the training she receives at a VA medical center and how she feels about working with Veterans. VA educates more than 122,000 health professions trainees across the nation every year, making VA the largest provider of health professions education in the nation.

    Another reason Jacobsen was drawn to VA is it offered her an opportunity to train across multiple disciplines within the medical center—an experience she described as one of the unique advantages of VA training.

    “The fact that I was able to shadow the pain clinic, inpatient mental health and spinal cord, was a really valuable experience and really speaks to the learning opportunities that VA provides for its students and trainees,” said Jacobsen.

    More than 122,000 trainees in over 60 disciplines trained this year in VA medical centers across the nation, receiving these unique training opportunities. 

    For Michelle Berg, a nurse practitioner resident at Minneapolis VA, the various features of the training programs are reassuring and help build confidence.

    “In clinical, you might order tests, or you might order imaging, but you rarely saw the end result of those,” said Berg. “And so, entering into a residency gives kind of a safety net underneath, after starting to practice and have that additional support.”

    Veterans enjoy working with trainees

    VA trainees often say Veterans enjoy being a part of the learning experience. Jacobsen recalled multiple Veterans saying they hope they are helping her learn something.

    “I really think it speaks to the Veteran population because they still have this definite, deep fulfillment of service to students, to civilians. I really felt a deep sense of gratitude that they still wanted to be a part of the next generation of trainees,” said Jacobsen.

    Laurie Humiston, the Occupational Therapy Fellowship Coordinator for Jacobsen’s program, echoes those experiences in her daily work and believes it is the best part of her job.

    “I get to connect trainees and Veterans through their growth journeys, gaining skills that help each other,” said Humiston. “The trainees become more advanced practice providers, and Veterans get to benefit from that teaching. They also get to see how that teaching happens, and so we all approach that growth journey as a family.”

    Veterans benefit overall

    Berg is thankful for the profound experience gained from working with VA as she transitions into practice as a nurse practitioner. She is glad that the skills she learned will help her to take better care of Veterans.

    “Working with the Veterans and understanding their special needs has been something that no matter where my career takes me, I will now provide better care of Veterans overall,” said Berg.

    For Jacobsen, her love of working with VA stretches beyond the high-quality training. She believes in VA’s mission of caring for those who have served in the nation’s military and encourages others to do so as well.

    “I’m always a deep advocate for VA and for the Veteran population,” said Jacobsen. “So, I would say if this ever reaches any others who are wanting to give VA a shot—let this be a message to make that a reality. It’s an experience that you won’t regret, and VA really has a lot of opportunities and experiences that would aid in any student’s learning.”

    VA partners with more than 1,450 academic institutions throughout the nation, making VA’s health professions education program the largest in the United States. These programs, overseen by the Office of Academic Affiliations, are shaping the next generation of health care professionals for VA and the nation.

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  • Bob on Business: Fort Worth lands dedicated corporate jet services company

    Bob on Business: Fort Worth lands dedicated corporate jet services company

    by Bob Francis, Fort Worth Report
    December 14, 2025

    Companies and individuals with private jets will have a new spot to hang out at Fort Worth Meacham International Airport.

    Private aviation real estate developer and operator Sky Harbour has signed a lease with the city of Fort Worth to operate a boutique dedicated airplane service location at the 100-year-old airport. 

    The West Harrison, New York-based company said it plans to break ground in late 2026 on a $17 million complex consisting of a pair of 32,000-square-foot hangars capable of housing the latest ultra long-range business jets. The Meacham location is expected to create hundreds of local jobs, according to the company.

    Unlike traditional fixed base operators, Sky Harbour offers home base operations, which means they are closed to transient traffic, providing tenants with security and more customized services.  Sky Harbour locations offer pilot lounges, private offices, briefing rooms and hospitality areas 

    Sky Harbour is rapidly expanding its footprint across the U.S., building out high-end, boutique private hangar space for aircraft owners at key airports across the country. 

    According to the city of Fort Worth, the annual revenue generated from the ground lease at Meacham is about $95,725. 

    Sky Harbour has also leased space at Dallas Love Field Airport and Dallas Executive Airport. 

    The company currently has deals or is operating at 23 airports in the U.S., with nine locations in operation and 14 under development.

    Funding for Westside Village infrastructure 

    On Dec. 8, the taxing district covering the Near West Side approved $45 million in infrastructure funds for the $1.7-billion Westside Village development.

    The project, from FW Westside RE Investors, a partnership between Larkspur Capital and Keystone Group, will transform the 37 acres that once housed Fort Worth ISD’s former headquarters at 100 N. University Drive and other nearby sites, including the current Autobahn Fort Worth location. At full build-out, Westside Village will consist of 880,000 square feet of office space, 238,000 square feet of retail, a boutique hotel and 1,785 residential units. 

    Fans of Fort Worth 

    Lasko, a fan and heater manufacturer, has renewed and expanded its lease at 900 Terminal Road in Fort Worth. Lasko had been occupying 218,076 square feet of space at the location but has now expanded its footprint to 468,726 square feet.  Transwestern Real Estate Services brokered the renewal and expansion. 

    Coffee, meet pie  

    White Rhino Coffee, a Dallas-based specialty coffee company known for its community-driven cafes and craft-focused approach, has purchased Emporium Pies, a North Texas dessert destination, with a location at 411 S. Main St. in Fort Worth. White Rhino has a location in Arlington. 

    Bagging it 

    Bag Supply Co. has leased an 18,000-square-foot industrial building in Point 820 in East Fort Worth to expand and relocate its only distribution center outside its home state of Alabama.

    The company is taking up residence at 5911 E. Rosedale St., where it gained roughly 8,000 square feet of extra operating space and has access to Loop 820. Bag Supply has relocated from nearby Everman in tandem with a lease expiration. 

    “Bag Supply chose this project for the immediate freeway access and make-ready space, which was well-suited for its needs,” said Cade Navarro, broker associate in the Fort Worth office of Dallas-based Bradford Commercial Real Estate Services. Navarro represented the tenant, a division of Field Packaging Solutions in Moody, Alabama. 

    The industrial structure was fully renovated in summer 2024 as part of a major upgrade at Point 820, a 31-building project totaling 587,725 square feet. Brett Carlton and Forrest Cook of Stream Realty Partners represented the Boston-based landlord, LRF3 Dal Rosedale.

     Do you have something for the Bob on Business column? Email Bob Francis, business editor for the Fort Worth Report, at bob.francis@fortworthreport.org.At the Fort Worth Report, news decisions are made independently of our board members and financial supporters. Read more about our editorial independence policy here.

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  • Retail, risks, rates and refixes. Also, BBQs – BNZ

    1. Retail, risks, rates and refixes. Also, BBQs  BNZ
    2. Looking back to go forward – hoping to unlock the mysteries of NZ’s GDP  Interest.co.nz
    3. ‘Return of the investor’: Kiwibank forecasts brighter economic days ahead  NZ Herald
    4. GDP rebound expected to be double RBNZ forecast  National Business Review
    5. Economic Lows Recorded, but Signs Point to Recovery in 2026  Waatea News

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  • Live updates: Wall Street stumbles on tech sell-off, ASX set to fall

    Live updates: Wall Street stumbles on tech sell-off, ASX set to fall

    It wasn’t one of those champagne-popping, record-topping ends to the week on Wall Street.

    The bubbles went flat as traders spent the day executing sell orders on tech stocks, which soured the sentiment across the board.

    The S&P 500 closed 1.1% lower while the blue-chip Dow fell 0.5%.

    The tech-centric Nasdaq tumbled 1.9%. The technology sector within the S&P 500 lost 2.9% as AI punters decided to take some profits off the table in double-jig time.

    The cloud-computing company Oracle, which had prompted the tech wobble earlier in the week with a disturbing mix of weak earnings forecasts and massive spending commitments, dropped another 4.5% on top of Thursday’s 11% capitulation.

    Chipmaker Broadcom closed 11% lower after issuing a warning about its margins, and AI leader Nvidia shed another 3.3%.

    Granite Wealth Management Managing Director Bruce Zaro told Reuters that “continued disappointment and uncertainty over the AI trade and technology trade” pressured the market.

    “I would have thought this choppiness would have ended by now,” he said.

    “We’re in a really, really good seasonal period. Typically, mid-December through the last trading days of the year is traditionally the Santa Claus rally period.”

    European stocks also closed lower with the broad Eurostoxx 600 shedding 0.6%, while the global MSCI was also down 0.6%.

    Over the week, the S&P 500 fell 0.5%, while the ASX was one of the better performers, picking up 0.7%, matching the effort of the Nikkei.

    However, if futures markets are anything to go by, the ASX will give up a fair chunk of last week’s gains, pricing in a 0.6% loss on opening.

    US Treasury yields rose in line with the global vibe that most central banks were nearing the end of their current easing cycle.

    The US dollar was generally stronger, although the Aussie dollar largely held its ground against the greenback. It notched its third successive week of gains and hit its highest weekly close in almost fourteen months.

    On commodity markets, oil prices slipped due to ongoing worries about oversupply building into next year.

    The global benchmark Brent crude fell 1.5% to be down almost 4% over the week.

    Gold pushed above $US4,300 an ounce, while silver slipped on profit taking and copper eased 3% after almost hitting $US12,000/tonne and a new record high.

    Overnight, Bitcoin again dived back under $US90,000.

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  • NZX, New Zealand’s Exchange – Announcements, Paysauce Launches $4 Million Capital Raise

    15/12/2025, 09:08 NZDT, OFFER

    PaySauce launches $4 million capital raise
    Lower Hutt, New Zealand – 15 December 2025

    Software-as-a-Service fintech PaySauce Limited (NZX: PYS) is pleased to announce a capital raising comprising of a placement of approximately $3 million to institutional and other investors (Placement) and a $1 million share purchase plan (SPP) available to investors residing in New Zealand (together, the Offer).

    Proceeds from the Offer will be applied to fund PaySauce’s expansion into the Australian market, which is scheduled to launch in February 2026.

    The Offer structure is designed to broaden PaySauce’s shareholder base and promote future liquidity.

    The Offer will be undertaken at a fixed price of $0.26 per share (Issue Price). The Issue Price represents a 7.1% discount to the closing share price on Friday, 12 December 2025 of $0.28 per share.

    Approximately 15.4 million shares may be issued under the Offer. New shares issued under the Offer will rank equally with existing fully paid ordinary shares in PaySauce quoted on the NZX Market from the time of their issue.

    Chief Executive Asantha Wijeyeratne, who is moving to Melbourne to work with PaySauce Australia Executive Director Chris Ridd to drive the Australian expansion, said: “PaySauce has established a strong record for consistent growth in revenue and solid earnings and cash flow. From these strong domestic foundations, we have developed a market-leading payroll solution for micro-businesses and funded our launch into Australia, a market of around 700,000 micro-businesses that remains largely underserved.”

    “The capital raising we are launching today will give us the flexibility to pursue this opportunity across the Tasman and consider bolt on acquisitions that will accelerate our growth in this market. We also expect the new capital will broaden our investor base, enhance liquidity and enable better recognition of the value we are creating.”

    NZX has granted a trading halt to facilitate the Placement. PaySauce expects to advise the market of the capital raised under the Placement on Wednesday, 17 December 2025.

    The SPP will be open from 9.00am (NZST) on Wednesday, 17 December 2025 to 5.00pm (NZST) on Friday, 23 January 2026. The Record Date for the SPP is 5.00pm today, 15 December 2025.

    Under the SPP, investors will be invited to subscribe for up to $50,000 of new shares at $0.26 per share, free of any brokerage, commission, or transaction costs. If the SPP is oversubscribed, applications may be scaled down in PaySauce’s sole discretion, by reference to the number of ordinary shares held by applicants at the Record Date.

    Further details about the SPP will be released to the NZX on Wednesday, 17 December 2025. Shareholders of PaySauce on the Record Date will have their applications preferred over non-shareholders in the event of scaling.

    Cameron Partners are acting as Financial Adviser for the Offer. The Offer is not underwritten.

    Please review the investor presentation and cleansing notice released with this announcement for further information.

    Minimum Holdings Notice

    Under PaySauce’s constitution and the NZX Listing Rules, PaySauce is permitted to exercise a power of sale of shares held by any person with less than a Minimum Holding. The PaySauce Board has resolved that a Minimum Holding of PaySauce shares is a parcel of shares with a value less than NZ$500.

    PaySauce recognises that it is difficult for shareholders to sell small parcels of shares because the cost of brokerage can be disproportionately high relative to the value of their shareholding. PaySauce is also concerned about the ongoing cost of maintaining a large number of small holdings on its share register. Accordingly, the PaySauce Board has determined that it will exercise its power of sale of shares held by any person with less than a Minimum Holding on its share register. The Minimum Holding has been set at 1,786 shares, based on the Average Market Price of PaySauce shares as at market close on Friday 12 December 2025. The attached notice will be sent to affected shareholders shortly together with the SPP Booklet so that small shareholders who wish to top up to or above the Minimum Holding can use the SPP as a brokerage free opportunity to do so.

    PaySauce will hold a power of sale over share parcels that are less than a Minimum Holding on 15 March 2026.

    Please note that the Minimum Holding process only effects shareholders who hold less than a Minimum Holding directly on the PaySauce share register. It does not affect shareholders who hold shares through a custodial account (such as Sharesies).

    Released for and on behalf of PaySauce by PaySauce CFO Jaime Monaghan

    ENDS

    PaySauce is a SaaS fintech platform delivering digital payroll solutions across 14 jurisdictions in Asia-Pacific. The technology enables small employers to digitally onboard, pay and manage employees from any device. The platform includes rosters, mobile timesheets, payroll calculations, banking integration, automated payments, PAYE filing, labour costing, and automated general ledger entries. The PayNow feature enables customers’ employees to access the pay they’ve earned before payday, providing a free alternative to payday lenders.

    www.paysauce.com


    CONTACT
    Investors
    Asantha Wijeyeratne
    CEO PaySauce
    +64 21 554 600

    Media
    Richard Inder
    The Project
    +64 21 645 643

    Please direct any investment queries to investor@paysauce.com

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  • Market analysis of medium- and heavy-duty vehicles in India for calendar years 2021–2024

    Market analysis of medium- and heavy-duty vehicles in India for calendar years 2021–2024

    In April 2020, the medium- and heavy-duty vehicle (MHDV) sector in India transitioned to Bharat Stage (BS) VI emission norms. This paper analyses the MHDV market, including buses and trucks (both rigid trucks and tractor-trailers) for the calendar years 2021–2024.

    The paper focuses on sales trends and market shares of MHDVs by manufacturers, body style (trucks, buses, and tractor-trailer), powertrain (diesel, electric, CNG, etc.), and other vehicle characteristics such as gross weight, engine displacement, engine power, transmission, and after-treatment systems.

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  • Carnival Horizon Sets Sail with Additional Hurricane Relief Supplies for Jamaica

    Carnival Horizon Sets Sail with Additional Hurricane Relief Supplies for Jamaica

    Carnival Cruise Line sent another shipment of hurricane relief supplies today to Ocho Rios, Jamaica aboard Carnival Horizon. The latest delivery includes 24 pallets weighing more than five tons of critically needed supplies, including hygiene kits, medical items and other essential goods, coordinated in partnership with Direct Relief, the Miami HEAT, and the Micky & Madeleine Arison Family Foundation.

    Ahead of the ship’s departure, Miami HEAT Legend Alonzo Mourning and mascot Burnie joined Carnival Horizon Captain Niccolo De Ranieri and Carnival team members to help prepare, pack and load the supplies.

    “This partnership demonstrates the strength of coming together to help those in need,” said Christine Duffy, president of Carnival Cruise Line. “Carnival is proud to work alongside Direct Relief, the Miami HEAT and the Micky & Madeleine Arison Family Foundation to deliver these essential supplies to Jamaica.”

    “After a disaster of this magnitude, people need to know that care will be there when they need it,” said Amy Weaver, CEO of Direct Relief. “Because of the longstanding partnership and commitment of Carnival Corporation, the Miami HEAT, and the Micky & Madeleine Arison Family Foundation, we’re able to get essential medical support to communities across Jamaica as they continue to recover.”

    “The devastation of Hurricane Melissa was incredible and will be felt in Jamaica for years to come,” said Eric Woolworth, president of business operations for the Miami HEAT. “Along with Direct Relief and Carnival, it’s our hope that the supplies we send will help start the road to recovery.”

    The delivery is part of a larger humanitarian response led by Direct Relief. On Saturday, Dec. 13, a dedicated airlift departed Miami International Airport carrying 120 pallets of critically needed medical supplies to support hospitals and clinics across Jamaica in the wake of Hurricane Melissa. Combined with the shipment aboard Carnival Horizon, the effort totals 144 pallets of medical aid – weighing 68 tons and reflecting one of the largest private-sector relief efforts supporting Jamaica’s post-storm recovery

    In November, Carnival Corporation, the Miami HEAT and the Micky & Madeleine Arison Family Foundation made a joint $1 million donation to Direct Relief, enabling these shipments and supporting long-term recovery efforts across the region.

    To support relief efforts, visit: DirectRelief.org/SupportJamaica

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  • How China racked up a $1tn trade surplus

    How China racked up a $1tn trade surplus

    This article picked by a teacher with suggested questions is part of the Financial Times free schools access programme. Details/registration here.

    Specification:

    Read the article and then answer the questions:

    How China racked up a $1tn trade surplus

    • Outline the meaning of China’s current account trade surplus [2]

    • Explain two factors that have increased China’s trade surplus [4]

    • Using a tariff diagram, explain why China’s trade surplus with the US has decreased [4]

    • Using an aggregate demand and supply diagram, explain the effect of China’s increasing trade surplus on its real GDP [4]

    • Explain how a depreciation in the Chinese currency (renminbi) over the past 10 years would have affected its exports and imports [4]

    • Outline China’s biggest source of imports [2]

    • Explain why an increase in China’s import prices might lead to an increase in its import expenditure [4]

    Alex Smith, InThinking/thinkIB

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  • Superannuation funds accused of delaying disability insurance claims

    Superannuation funds accused of delaying disability insurance claims

    William Johns is deeply frustrated by the way some of Australia’s major superannuation funds are treating their members.

    The insurance claims advocate told ABC News he believes some super funds and their insurers are delaying claims, without justification.

    “We find that superannuation funds often request additional information that’s either being covered, they may have lost information that we have already sent, and sometimes they fail to send the client forms onto the insurer,” he said.

    Mr Johns, the founder of Claim Right, which helps people with their Total and Permanent Disability (TPD) insurance claims, said many delayed claims were made by some of the most vulnerable people — those who were sick or experiencing mental illness and unable to work.

    The experience, he said, often further exacerbated their illness and caused severe financial hardship, including cases where people were being chased by banks and credit providers and were at risk of losing their homes.

    They’ve lost their jobs, they have mortgages. They’ve got kids in schools, they’ve got bills to pay.

    While he has found claims response times have generally improved, he believes some super funds and their insurers are still taking too long to process claims and lacking compassion.

    “Yes, a lot of them have streamlined their processes, but they’re still not seeing themselves as active advocates for their members,” Mr Johns said.

    “Superannuation funds really ought to pick up their game.”

    Loading…

    Government calls on funds to ‘raise the bar’

    Assistant Treasurer Daniel Mulino said there had been areas where some funds had fallen short and the government was consulting on new standards to improve how funds engaged with their members.

    He did not comment when asked by ABC News whether these standards would include specific timeframes for super funds to respond to insurance claims, but said the government wanted to ensure “funds put member interests at the heart of service delivery”.

    Daniel Mulino says “there have been some areas where some funds have fallen short”.  (ABC News: Brett Worthington)

    Mr Mulino said Treasury had been working closely with consumer advocates, regulators and industry stakeholders this year to develop the service standards.

    The next step will be draft legislation for public consultation, but he did not say when that would be introduced.

    “While most funds offer services that meet or often surpass community expectations, there have been some areas where some funds have fallen short,” Mr Mulino said.

    The new standards will improve how funds engage with their members and raise the bar for service.

    ASIC wants claims handling times, processes improved

    Australia’s corporate regulator, ASIC, has also called for super funds to lift their game.

    The regulator has already taken legal action against Cbus over its handling of death and disability claims.

    In November, the superannuation giant faced a $23.5 million fine for the breaches and agreed to pay out compensation.

    ASIC has also called on superannuation funds to overhaul the way they deal with death benefit claims, noting excessive delays, poor customer service and ineffective claims handling are leaving Australians worse off at some of the most vulnerable times of their lives.

    ASIC commissioner Simone Constant said some funds had improved claims response times but the regulator had still seen mixed results in terms of how funds handled member claims.

    She warned more super funds could face court action if they did not change their behaviour.

    Close up shot of ASIC commissioner Simone Constant at her Sydney office. She has long blonde hair and wears a black jacket.

    Simone Constant is calling on super funds to do better when it comes to processing disability insurance claims.  (ABC News: John Gunn)

    The regulator has warned super funds not to pass the buck and blame insurance providers for poor claims-handling conduct.

    “Our message is really clear — they’re your members, this is a product that is operated and offered through your superannuation fund to your members, take accountability for that,” she said.

    If we see failure, if it looks and feels systemic … then absolutely super funds can expect this will be an area where we will use all our regulatory tools.

    Association of Superannuation Funds of Australia (ASFA) chief executive Mary Delahunty, whose members include the big super funds, said they were working to lift standards.

    Ms Delahunty denied funds were outsourcing their obligations to the insurance companies, but said they did need to use insurers to handle claims.

    “The way insurance works in superannuation is that the trustee buys a policy from an insurance provider and so that’s bought at a group level. So there’s always going to be two parties involved,” she said.

    She noted ASIC data showed the average decision-making time on TPD claims was 3.6 months, and that 91.5 per cent of those claims are accepted and paid out.

    But she said that “claims are and will continue to be complex sometimes, and they can take some time to decide”.

    a lady in blue top with long brown hair. she is sitting in office against a sky blue background

    Mary Delahunty says super funds are making improvements to claims processes and times.  (ABC News: Paul Pandoulis)

    Mental health, language barriers can complicate claims

    Because of the complexity of cases, often some can drag out for months or even years.

    Many individuals reached out to ABC News about their ordeal but were unable to go on record due to the emotional toll their ongoing TPD claim disputes had had on them.

    Some had suffered sexual violence, causing post-traumatic stress disorder. Many faced ongoing mental health struggles, which according to recent data reported by ABC News, has become one of the most common reasons for claims.

    Ms Constant said approaches to death and disability claims were “inconsistent” between funds.

    “You don’t want somebody making a claim to need to touch base multiple times to provide information. Expectations should be clear and well communicated up front.

    “And it’s particularly difficult, for example, if there is a language barrier or perhaps a geographic barrier.

    “This is common across member services issues and particularly claims process issues, if you’re from a First Nations or first language other than English background.”

    Xavier O’Halloran, CEO of Super Consumers Australia, said some funds had put more stringent conditions on particular types of claims.

    “In some cases [the funds are] requiring people to have active specialist care in order to make, say, a mental health claim, in cases where people just simply can’t afford access or don’t have access to those types of services in their area,” he said.

    “They’ve been introducing stricter and stricter terms … for how you prove that you’re mentally unwell.

    “In some cases, these terms are leading to people not being able to make a successful claim.”

    Man wearing white shirt black jacket holding his glasses in one hand sits in a Sydney office.

    Xavier O’Halloran wants to see super funds respond to insurance claims in a more timely manner.  (ABC News: John Gunn)

    Mr O’Halloran noted that when super funds put up unnecessary barriers and continued to ask people for information they had already been provided, or draw out claims, it had real economic impacts on people’s lives.

    “And it impacts people’s mental health, to be drawn out that long in a claims process with no certainty in sight as to whether they’re going to be successful,” he said.

    On mental health claims, Ms Delahunty highlighted a 732 per cent increase in people aged between 30 and 40 making claims over 10 years.

    “Adding that on to what super funds and insurers are already dealing with means that the system is under some strain,”

    she said.

    “But we are making significant improvements.”

    Requests for ‘irrelevant’ information drag claims out

    Insurance claims advocate William Johns acknowledged disability claims were often complex cases but said the process could drag out for months, or more than a year, often because funds requested additional information.

    “Sometimes we’re just really surprised that they request information that’s irrelevant,” he said.

    “They [super funds] support the insurers’ decisions without really going through the insurers’ mindsets — whether they handled the claim correctly or not.

    “We just feel like the fiduciary obligations of the trustee is sometimes being misdirected or at least controlled somewhat by the insurer.”

    Man in navy blue suit working at computer in his Sydney office.

    William Johns says many of the insurance claims the super funds reject are made by Australia’s most vulnerable. (ABC News: John Gunn)

    Mr Johns called for the regulator to take more funds to court over alleged breaches.

    “[A super fund] has got to act efficiently, fairly and honestly towards the client, and so inefficiencies are deemed as a breach in the Corporation Act,” he said.

    What we need is an enforceability of existing regulations to make sure that the superannuation funds are held to account … I think the ASIC does need to get more involved with insurers.

    Calls for funds to face mandatory service standards

    Consumer groups including Super Consumers Australia have pushed for for the government’s mandatory service standards to include specific timeframes for funds to respond to claims, but the super industry is resisting that change.

    “We want to see end-to-end timeframes and we want to see people given the ability to make complaints when these timeframes are not met,”

    Mr O’Halloran said.

    “We want this all to be enforceable, so that people can have faith that when they claim on these insurance policies that they’ll get a fair hearing in a timely way, and be protected financially for a product that they’ve been paying for.”

    Mr O’Halloran said there had been strong pushback from some players in the super industry, “that don’t want clear timeframes and don’t want clear obligations put on them”.

    [The super funds] want a lot of wiggle room so that they can take their time, which in turn costs consumers financially and leads to real financial hardship.

    Ms Delahunty said setting specific times for super funds to respond to claims would be problematic.

    “It would be difficult to set in place a standard upon a doctor, for example, to make a diagnosis,” she said.

    But she said the industry was supportive of more general mandatory service standards over how funds communicated with members.

    “Mandatory service standards are really important to help members understand where they are in the claims process and what they can expect from their insurer and from their super funds,”

    she said.

    “Setting those expectations helps alleviate a lot of the stress that people will be under when they’re … making claims for their mental ill health or [when] they’re making claims on behalf of a beneficiary because they’ve had a loved one die.

    “These are stressful times. And so having those expectations clearly set through mandatory service standards can be very helpful.”

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  • 100 bikers deliver Christmas gifts to kids in Scunthorpe Hospital

    100 bikers deliver Christmas gifts to kids in Scunthorpe Hospital

    About 100 motorcyclists dressed up in festive outfits and rode to a hospital to deliver Christmas gifts to children.

    Members of the Scunny Bikers group handed out the presents – which were donated by members of the community and local businesses – to patients on the Disney Ward at Scunthorpe General Hospital.

    Gemma Lawrence, a senior staff nurse, said it helped make the children’s stay in the ward “a little bit more exciting”.

    Gavin Stubbs, who organised the event, said: “This is the 13th year we’ve done the Christmas run and we love being able to put a smile on the children’s faces.”

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