Government urged to come good on Trio compensation pledge

Victims of the Trio Capital collapse are still waiting for compensation for the fraud, despite an election pledge by the Coalition Government.

Speaking in the House of Representatives yesterday, Labor’s Stephen Jones hit out at the Government’s failure to act on its commitment more than a year after taking office.

“The collapse of Trio Capital was the largest superannuation fraud in Australia’s history,” he said.

“Around about $176 million of investor funds were lost and sent overseas. Hundreds of these victims came from my electorate of Throsby and throughout the Illawarra.

“In the lead up to the 2013, the Trio Capital victims’ circumstances were hotly contested in my electorate. Indeed, the Liberal minister responsible, Senator (Mathias) Cormann, said that there was a series of unique circumstances in Trio Capital and there would be some justification for a level of compensation.

“I am told that it has been 382 days since that commitment was given… and still there has been no honouring of that commitment.

“I today stand in Parliament and demand that the Liberal minister honour the commitment he gave to electors in my electorate, which was that he would pay compensation and do what he said he would do.”

Jones also hit out at the Government’s Future of Financial Advice (FOFA) reforms, saying it should “listen to the advice of the experts in the industry who are saying ‘Ditch your FOFA reforms’.”