Commonwealth bails out super fund members hit by fraud
Peter Dutton
The Federal Government has paid a financial grant of nearly $1.5 million to assist members of a West Australian superannuation fund that was the victim of fraud.
The Assistant Treasurer, Peter Dutton, said the assistance had been provided to the Strategic Capital Superannuation Fund consistent with the Superannuation Industry (Supervision) Act.
He said that, as Minister, he had determined it was in the public interest to make a grant of assistance to those people who lost money when the fund was allegedly defrauded.
Dutton said almost 500 members of the fund had suffered losses to their accrued superannuation savings as a result of the alleged fraud and theft perpetrated on the fund.
AUTHOR
Mike Taylor
Recommended for you
Sequoia Financial Group has announced it is selling off its Informed Investor subsidiary which it acquired in April 2022.
Wealth Data has examined which advice business model has seen the most growth since the start of the year including those that offer holistic advice.
Research conducted by Elixir Consulting and Lonsec has quantified the efficiency gains of using managed accounts in financial advice practices in hours per week saved.
With only one-quarter of advice practices actively seeking feedback from clients, the Financial Advice Association Australia has emphasised why this is a critical tool for client retention.
