ASIC’s Response to Senate Committee

A number of submissions were made to the Senate Inquiry into ASIC . Since these submissions relate to Australia’s Worst White-Collar Crime it is important to critique ASIC’s response to the Committee since this response is indicative of how ASIC acts to protect the interest of the Big End of Town financial institutions and white-collar criminals.

The Senate Economics Reference Committee put the following Questions on Notice to ASIC:

“The committee has received several submissions regarding the Provident Fund, an employee benefit fund (superannuation fund) that was established in 1913. The submissions claim that qualifying male officers are entitled to a pension for life and their widows are then entitled to a survivorship pension. The submissions allege that the original trust deed was fraudulently altered and the conditions of the original deed are not being complied with (ie the pensions are not being paid)

Questions

  • How many complaints have ASIC received regarding the trust deed of the Provident Fund? When was the first compliant received?

  • Could you outline ASIC’s responsibilities in this area? Is ASIC the correct body for individuals with these types of concerns to contact?

  • What investigation did ASIC undertake into these allegations? Did ASIC decide the complaints did not have merit, or did ASIC not investigate because the complaints did not meet the tests ASIC uses when assessing a matter?”

  Senate Question p1   Senate Question p2