NAB's Superannuation Trustee - Disclosure and Reporting to Members

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

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Dear Australian Securities and Investments Commission,

In a Media Release dated Thursday 2 February 2017 and titled
"17-022MR ASIC imposes licence conditions on NAB’s superannuation trustee"

ASIC required an independent expert's review which will consider, among other things NULIS’:

• risk management procedures;
• process for implementing product changes, disclosure and reporting to members, and
• procedures for managing conflicts of interest within NAB’s superannuation business, including the assessment of related party service providers.

Information on related party service providers is to be found in the audited financial statements of The MLC Super Fund which should be available for public download pursuant to the intent of the Parliament as per the Explanatory Memoranda of Superannuation Legislation Amendment (Further Mysuper and Transparency Measures) Bill 2012.

NAB's superannuation trustee does not comply with this disclosure requirement so as to hide the extent of related party dealings and possible abuse of Section 58B of the SIS Act.

The documents I seek are a copy of the most recent audited financial statements and the Auditor's Report on The MLC Super Fund {R1077223} in ASIC's possession.

Yours faithfully,

Phillip Sweeney

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From: Fleur Forsyth
Australian Securities and Investments Commission


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Attachment FOI 119 2020 Acknowledgment letter.pdf
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Dear Mr Sweeney,

 

I refer to your request made under the Freedom of Information Act 1982
(below).

 

Please find attached an acknowledgment letter.

 

Yours sincerely,

 

Fleur Forsyth
Lawyer, FOI, Chief Legal Office

Australian Securities and Investments Commission

Level 7, 120 Collins Street, Melbourne, 3000

[1][email address]

[2]ASIC logo

 

From: Phillip Sweeney <[3][FOI #6476 email]>

Sent: Friday, 10 July 2020 9:13 AM

To: FOIrequest <[4][ASIC request email]>

Subject: Freedom of Information request - NAB's Superannuation Trustee -
Disclosure and Reporting to Members

 

EXTERNAL EMAIL: Do not click any links or open any attachments unless you
trust the sender and know the content is safe.

 

 

Dear Australian Securities and Investments Commission,

 

In a Media Release dated Thursday 2 February 2017 and titled "17-022MR
ASIC imposes licence conditions on NAB’s superannuation trustee"

 

ASIC required an independent expert's review which will consider, among
other things NULIS’:

 

•             risk management procedures;

•             process for implementing product changes, disclosure and
reporting to members, and

•             procedures for managing conflicts of interest within NAB’s
superannuation business, including the assessment of related party service
providers.

 

Information on related party service providers is to be found in the
audited financial statements of The MLC Super Fund which should be
available for public download pursuant to the intent of the Parliament as
per the Explanatory Memoranda of Superannuation Legislation Amendment
(Further Mysuper and Transparency Measures) Bill 2012.

 

NAB's superannuation trustee does not comply with this disclosure
requirement so as to hide the extent of related party dealings and
possible abuse of Section 58B of the SIS Act.

 

The documents I seek are a copy of the most recent audited financial
statements and the Auditor's Report on The MLC Super Fund {R1077223} in
ASIC's possession.

 

Yours faithfully,

 

Phillip Sweeney

 

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