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AFCS's Processes for Systemic Issues

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Phillip Sweeney

Dear Australian Securities and Investments Commission,

The Treasury is conducting a Review of the Australian Financial Complaints Authority and the terms of reference include "1.2 Are AFCA's processes for the identification and appropriate response to systemic issues arising from complaints effective"?

Evidence has been provided to David Locke of a systemic issue that relates to a majority of National Australia Bank's Australian Staff who were unlawfully transferred from a top-10 performing "not-for-profit" staff superannuation fund into the poor performing"for-profit" MLC Super Fund.

This transfer was in contravention of the governing rules of the fund and in contravention of superannuation laws.

David Locke has a duty to report this systemic misconduct to ASIC (as well as APRA).

The document (or documents I seek) are copies of any correspondence from David Locke (or AFCA) to ASIC that would confirm that David Locke has complied with his duty to report systemic misconduct to ASIC.

Yours faithfully,

Phillip Sweeney

Australian Securities and Investments Commission

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