Our office detected a fraud when QSuper sent us a rollover request for one of our clients. When we queried, we were told that she was setting up a SMSF (in Adelaide of all places even though we are all Qld based and her employment and residential address that QSuper had on file were still Qld) and they were collating all the super to effect the transfer and roll-over, which in itself was highly irregular.
We put an immediate halt to QSuper's actions, contacted the client who knew nothing of the SMSF, and then we escalated this with QSuper's legal, compliance and ultimately 'special projects' division. We also contacted her accounting firm, and prior accounting firm so they were up to speed on this, especially as it transpired that the likely source of data breach was her prior accounting firm. Throughout we kept the client informed, but also importantly, reassured that no money had been transferred.
If it weren't for our involvement the industry fund would have blindly obliged the fraudster to the tune of $950k+ with the client having little to no recourse of recovery.
Ultimately the AFP were also involved, as well as the client now suffering through the pain of establishing a new TFN (and for anyone who has experience with this, ongoing pain due to the super intensive security checks every time anything that involves a TFN is needed, even if it is a query to the ATO etc).
ASIC have this blind penchant to industry funds being infallible, and all planners being crooks. Clearly, as per the above, we all know this isn't the case.
The current mindset and utterly prejudiced culture inside ASIC has to stop. They need to reevaluate themselves and their ethos, as much as our profession is now being forced to do.
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