As Tom Petri so insightfully observed:
“It is not the original scandal that gets the most people into trouble. It is the attempted cover-up”
The original scandal in this case only affects a few thousand Australia’s, however the attempted cover-up of Australia’s Worst White-Collar Crime affects 12 million adult Australians who are forced to be participants in a COMPULSORY superannuation systems where the Coalition Government PROMISES compensation in the event of losses due to theft or fraudulent conduct due to dishonest trustees but then fails to honour that PROMISE.
The attempted cover-up is covered in more detail on the following tabs.
When the Keating Government made superannuation compulsory in 1992 the Superannuation Complaints Tribunal was established. The Tribunal is a “complaint-handling agency” and must deal with complaints that fall within the jurisdiction of the Tribunal.
However due to the doctrine of the Separation of Powers the Tribunal can only deal with complaints where a Trustee has acted lawfully yet made a decision that can be impugned on the grounds that it was “unfair or unreasonable”.
Section 64 of the Superannuation (Resolution of Complaints) Act 1993 compels the Tribunal Chairperson to refer complaints that allege a contravention of “any law or governing rule” to APRA or ASIC.
However APRA and ASIC are not “complaint-handling agencies” and they have no legal obligation to respond to any complaints, let alone resolve such complaints.
Both APRA and ASIC ensure that complaints alleging fraud and misconduct by trustees are quickly dispatched to a “complaints graveyard”.
Details of PROMISED compensation can be found here.
However this is a huge catch to receiving any promised compensation. The corrupt agencies of APRA and ASIC have to recommend compensation to the Responsible Minister for compulsory superannuation. Need less to say such recommendation are rarely made by these corrupt agencies.
A decision made by either of these corrupt agencies NOT to investigate allegations of fraudulent conduct or other misconduct by Trustees is not appealable to the Administrative Appeals Tribunal and there is no Integrity Commissioner who can investigate allegation of corruption by the public servants employed by these agencies.
This tab updated on 21 July 2015