Trio Capital PJC report calls for action
The Federal Opposition has called on the Government to implement the key findings of the Parliamentary Joint Committee (PJC) into the collapse of Trio Capital, particularly extending compensation to a wider range of superannuation fund investors.
The PJC report was released today, with the Opposition spokesman on Financial Services, Senator Mathias Cormann, making specific reference to the special circumstances of investors who had suffered losses after being induced to move out of Australian Prudential Regulation Authority (APRA)-regulated funds.
He said the PJC report had expressed strong concerns at the apparent lack of follow-up by regulators such as ASIC and APRA and other criminal investigatory authorities such as the Australian Federal Police to recover outstanding moneys or to bring those who committed crimes to justice.
The Coalition expects Australian Securities and Investments Commission, APRA and the Australian Federal Police to now act decisively to seek justice on behalf of investors who have endured great suffering.
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