Joint Committee on Corporations and Financial Services

Membership of the Joint Committee on Corporations and Financial Services is as follows:

  • Senator David Fawcett – Chair
  • Senator Deborah O’Neil – Deputy Chair
  • Mr David Coleman MP
  • Senator Chris Ketter
  • Senator John Madigan
  • Ms Julie Owens MP
  • Mr Michael Sukkar MP
  • The Hon Tony Smith MP
  • Mr Tim Watts MP
  • Senator John Williams

The Joint Committee has oversight over the activities of ASIC.

This Committee is established pursuant to Part 18 of the ASIC Act 2001. The duties of the committee are prescribed by Section 243 of the ASIC Act 2001.

Subsection 243(a)(i) requires the Committee:

(a)  to inquire into, and report to both Houses on:

                             (i)  activities of ASIC or the Panel, or matters connected with such activities, to which, in the Parliamentary Committee’s opinion, the Parliament’s attention should be directed;

Evidence Provided to the Joint Committee

All the documents necessary to confirm the fraud have been provided to the Joint Committee as confirmed by the following letters.

Joint Committee 4 February – Chair

Joint Committee 3 February – Secretary

Joint Committee 3 February – Chair

Key documents of evidence were provided to the Committee Secretary on 3 February 2015:

  • (i) Consolidation Deed of Variation dated 6 May 1958;
  • (ii) Deed of Variation dated 20 November 1974;
  • (iii) Purported Deed of Variation dated 26 August 1986 {The “Jarrett Deed“}.

    Additional documents were also provided to the Joint Committee to assist the Members.

    The Jarrett Question

    The “Jarrett Question” is the fundamental question in relation to this fraud.

    “Did a document that bears the signature of Ken Jarrett amend the terms of the occupational pension trust established on the 23 December 1913 in the State of South Australia?

    Senator Fawcett – The Jarret Question

    Principles of Law

    A one page summary of the key principles of law was provided to the committee to demonstrate just how easy this fraud is to prove.

    Joint Committee – Principles of Law

    Benefit Calculation Sheet

    The benefit provided by the genuine Deeds of the fund was compared to that provided by the fraudulent “Jarrett Deed” in this summary document provided to the Joint Committee.

    Joint Committee – Benefit Calculation Sheet

    More information on the benefit calculation and comparison can be found here.