APRA Blocks Access

“A ‘beneficiary’, in ordinary language, is a person for whose benefit a trust is to be administered and who is entitled to enforce the trust according to its terms.”

Kafataris v The Deputy Commissioner of Taxation [2008] FCA 1454 at [42]

To allow a beneficiary to enforce the trust according to its terms, the law provides the right for a beneficiary to have access to the Trust Deed that established the trust and any instruments that purport to vary the terms of the original Trust Deed.

Since superannuation is compulsory as a matter of Government policy, the Parliament of Australia has made it an indictable offence for a “Responsible Person” of a trustee of a regulated superannuation fund to wilfully conceal the Deeds of a superannuation trust from a person who has a beneficial interest in that trust {Subsection 1017C(5) of the Corporations Act 2001}

It is a condition on the RSE Licence issued by APRA that a trustee has to comply with this disclosure obligation at all times.

In order to obtain registration of a superannuation fund, a trustee is required to provide APRA with a copy of the Trust Deed that established the fund plus copies of all instruments that purport to amend the terms of this trust.

APRA issued Registration Number R to the occupational pension trust established on the 23 December 1913.

When when complaints were lodged with APRA about the criminal concealment of the original Trust Deed and genuine Deeds of Variation by “Responsible Person” of the purported Trustee that APRA had also licensed without checking the bona fides of the purported Trustee, CCSL Limited, what did APRA do?

APRA took no enforcement action to protect the widows and other beneficiaries of this regulated superannuation trust.

When an attempt was made to obtain access to the Deeds that APRA would have obtained as part of the registration process what did APRA do?

APRA refused to disclose the Deeds under the Freedom of Information Act 1982 citing “secrecy provisions” as the reason why.

When the case was appealed to the Australian Information Commissioner, the “secrecy provisions” were upheld {Sweeney and Australian Prudential Regulation Authority [2013] AICmr 67 {Link}.

So here is confirming evidence of APRA running a protection racket for the superannuation industry.

When Responsible Persons of a licensed trustee engage in criminal conduct, APRA undertakes no enforcement action and the only action APRA takes is to prevent beneficiaries of the superannuation trust from obtaining copies of the Deeds of their trust by way of the Freedom of Information Act 1982.”

It is clear that the “secrecy provision” are included in the APRA Act to allow APRA to conceal major frauds from the Australia public.


facebooktwittergoogle_plusredditpinterestlinkedinmailby feather

This tab updated on 16 August 2015