Australia’s $3.9tn superannuation sector is under scrutiny. What sparked the Cbus scandal and what does it mean?

Cbus admits it let its members down, causing them unnecessary distress at difficult times. The fund says there was no intention to withhold money from its members. Photograph: Peter Dazeley/Getty Images

One of the biggest superannuation funds in the country responsible for $94bn in retirement savings has been accused of failing its members at their most vulnerable time and causing undue hardship.

The scandal – which Cbus has apologised for – has intensified scrutiny on the $3.9tn superannuation industry, with regulators warning other funds may be at fault too.