This is a typical letter that confirms how ASIC covers up fraud in a compulsory superannuation system, especially when a major bank such as the National Australia Bank (NAB)is involved in the fraud.
ASIC is under no legal obligation to investigate any complaint related to the compulsory superannuation system and a decision by ASIC not to investigate is not appealable to the Administrative Appeals Tribunal.
This set up is the perfect arrangement for white-collar criminals to steal large amounts from people’s retirement “nest eggs”.
In a compulsory superannuation system the victims of superannuation fraud should not be forced into a situation where they must pay lawyers substantial sums of money so they might obtain justice and what is rightfully theirs.
Notice the wording “ASIC has given due consideration….“. This “due consideration” is consideration of the the interests of the National Australia Bank and not the interests of the victims.
Commonwealth Bank whistleblower, Jeff Morris, noted that “ASIC was missing in action” when documents were released by whistleblowers revealing a cover-up by NAB of misconduct by its own Financial Planners.
ASIC no longer has any credibility as a financial “Regulator”.
ASIC is a classic example of “Regulatory Capture” where a “Regulator” is captive to the vested interests in the industry it regulates.
A response to the Secretary of the Treasury will be added soon.
This tab updated on 20 March 2015