Correspondence between Member for Goldstein and ASIC

Phillip Sweeney made this Freedom of Information request to Australian Securities and Investments Commission

Currently waiting for a response from Australian Securities and Investments Commission, they must respond promptly and normally no later than (details).

From: Phillip Sweeney


Dear Australian Securities and Investments Commission,

On the 7 September 2020, the following superannuation documents were provided to Mr Tim Wilson MP (Member for Goldstein) and Chair of the House of Representatives Standing Committee on Economics.

The documents were obtained from and with the assistance of the Attorney-General’s Department of South Australia since these “fund documents” are being criminally concealed by the incumbent ‘trustee’ NULIS Nominees (Australia) Ltd, a subsidiary company of the National Australia Bank from both the general public and beneficiaries.

List of Deeds and related Enactment
- Consolidated Deed of Variation of 6 May 1958
- Deed of Variation 7 March 1961
- Elder Smith & Co Provident Funds Act 1963 (SA)
- Deed of Variation 3 August 1965
- Deed of Variation 3 September 1970
- Deed of Variation 28 August 1973
- Deed of Variation 17 September 1973
- Deed of Variation 20 November 1974
- Deed of Variation 15 February 1977

Legal Opinion
- Opinion by Finlaysons dated 26 November 1962

Covenant Regulation 30A (added by the Deed of Variation dated 20 November 1974) provides a death benefit in the form of a survivorship pension to the widows of qualifying male fund members.

Copies of these ‘fund documents’ have also been provided to Joanna Bird, ASIC Executive Director – Wealth Management.

These documents were criminally concealed from APRA during the fund registration process.

If the Member for Goldstein was concerned about elder abuse and the financial welfare of widows whose husbands have succumbed to COVID-19 (or who may succumb in the future), the Member for Goldstein would have asked the ASIC Executive Director – Wealth Management if ASIC had honoured an undertaking given by Mr Christopher Horan QC on behalf of ASIC in VID 323/2011 in the Federal Court.

ASIC gave an undertaking before the Honourable Justice Kenny to the effect that ASIC would investigate allegations of misconduct related to this occupational pension scheme should more evidence come to light, such as the evidence provided to the Member for Goldstein and Joanna Bird.

The question the Member for Goldstein would be seeking an answer for is:

“Does NULIS have a defence for not paying death benefits to these widows in their time of need and distress?”

In the judgment handed down in the Federal Court on the 11 September 2020 {ASIC v NULIS and MLC Nominees [2020] FCA 1306}, NULIS was found guilty of:
- Failing to all things necessary to ensure that the financial services covered by its Australian Financial Services Licence Number 236465 were provided efficiently, honestly and fairly, and thereby contravened s 912A(1)(a) of the Corporations Act 2001;
- Since 1 July 2016, engaging in conduct in relation to financial services that was misleading or deceptive or was likely to mislead or deceive and thereby contravened s 1041H of the Corporations Act 2001 and s 12DA of the ASIC Act 2001.

This judgement should have also been a matter of interest to the Member for Goldstein and Chair of the Standing Committee on Economics.

Superannuation is compulsory in Australia.

The documents I seek are copies of correspondence, including phone logs, between the Member for Goldstein to ASIC and between ASIC {including Joanna Bird} and the Member for Goldstein in relation to NULIS Nominees (Australia) Ltd and/or the documents listed above and the related occupational pension (superannuation) scheme.

The searched period is from 7 September to the present.

Yours faithfully,

Phillip Sweeney

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From: Justin Frank
Australian Securities and Investments Commission

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Attachment 195 2020 acknowledgement letter.pdf
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Dear Mr Sweeney,


Please see attached correspondence from ASIC.




Justin Frank
Lawyer, FOI & Privacy, Chief Legal Office

Australian Securities and Investments Commission

Level 7, 120 Collins Street, Melbourne, 3000

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