Trio victims vow 2013 election campaign
The financial services regulators have been let off too lightly by the Federal Government over the collapse of Trio Capital, according to an organisation representing investors impacted by the failure - Victims of Financial Fraud (VOFF).
The organisation will hold a meeting this Saturday in Wollongong to discuss further action on the issue and to argue for what it calls "equal and fair compensation for all victims", and to advocate becoming involved in the 2013 Federal election campaign.
The organisers of the meeting said those attending would be given an outline of what occurred with respect to the Trio fraud, "exposing the whitewash of the Trio Capital fraud by the Gillard Government and the failure of the regulators to fully disclose information to the Parliamentary Joint Committee (PJC)".
"The regulators have been let off lightly by the Federal Government," the meeting announcement said. "No one has been made accountable for allowing the criminal … to operate, but being fully approved by the Australian Prudential Regulation Authority (APRA) and the Australian Securities and Investments Commission (ASIC) to do so."
VOFF is alleging that despite numerous Freedom of Information requests it has been denied access to relevant information relating to "how brazenly this criminal event occurred, right under the supervisory noses of APRA and ASIC".
"APRA and ASIC will not reveal the contents of its interviews with the so-called masterminds of the fraud," VOFF claimed.
"They don't want it revealed because it exposes the weaknesses and vulnerabilities of the financial system, and their negligent oversight."
Recommended for you
Shadow financial services minister, Luke Howarth, has stressed the Coalition’s commitment to reforming the CSLR, adding that he ultimately wants to “get rid of it”.
With just over three weeks until the federal election, the FAAA has put a reduction in red tape and further support for new entrants on its priority list for an incoming government.
The corporate regulator has issued infringement notices to three AFSLs whose financial advisers provided personal advice to a retail client while unregistered.
Rather than taking a controlling approach, the latest generation of overseas private equity deals is helping advice firms to achieve their growth ambitions, three commentators have said.
