Compensation payments for Trio Capital victims underway
Over 5,300 investors in APRA-regulated funds who lost money as part of the collapse of Trio Capital will begin receiving compensation today.
Minister for Financial Services and Superannuation Bill Shorten has announced that over $54 million in financial assistance has begun to be credited to superannuation accounts around Australia.
Shorten was quick to defend the amount of time it has taken to compensate “defrauded” members.
“The time it has taken to finalise payment to members reflects the inherent complexities of the Trio case, including the need to recalculate member balances to replace the fictitious Trio returns with an alternative unit price based on a fair and reasonable return,” Shorten said.
The $54 million in financial assistance is granted under Part 23 of the Superannuation Industry (Supervision) Act 1993. The compensation is for members of the Astarra Superannuation Plan, the Astarra Personal Pension Plan, the My Retirement Plan and the Employers Federation of NSW Superannuation Plan.
Members of non APRA-regulated funds are not eligible for assistance under the scheme.
Further information about the payment process is available on the Trio website at www.triocapital.com.au.
Recommended for you
Despite the year almost at an end, advisers have been considerably active in licensee switching this week while the profession has reported a slight uptick in numbers.
AMP has agreed in principle to settle an advice and insurance class action that commenced in 2020 related to historic commission payment activity.
BT has kicked off its second annual Career Pathways Program in partnership with Striver, almost doubling its intake from the inaugural program last year.
Kaplan has launched a six-week intensive program to start in January, targeting advisers who are unlikely to meet the education deadline but intend to return to the profession once they do.
