Politicians should push for Trio compensation: VOFF
Victims of Financial Fraud (VOFF) has again called for redress for those who lost from the Trio fraud, this time adding demands that parliamentarians push for compensation for those who suffered under the ARP Growth scandal of from VOICCE, who are the Ualan fund Trio victims.
VOFF said that parliamentarians such as Senator Mathias Cormann and Paul Fletcher MP had previously said victims of the Trio and ARP Growth frauds respectively should be compensated, and it was time for them to step up again.
“VOFF appreciate the support from parliamentarians but it is now time for Senator Cormann and the rest of parliament to stand up and offer redress to the Trio victims for their loss due to the systemic failure of the financial system,” the group said.
“The victims should be compensated their loss without discrimination, after all it was with the full support of Government agencies that this licence ‘to cheat’ was granted in the first place.”
VOFF alleged that in the above cases, both the Australian Securities and Investments Commission (ASIC) and the Australian Prudential Regulation Authority (APRA) “kept information confidential, hid weaknesses and regulatory failures and orchestrated events to avoid the opening of the ‘floodgates’”.
“Trio is an example where a criminal event was downplayed to cover up the failings of both regulators; to hide the weaknesses in the financial system; to distract from the systemic failure of the financial system; and to uphold confidence in the Australian financial market,” VOFF alleged.
AUTHOR
Hannah Wootton
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.
