Referal under s64 of the SRC Act

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

The request was successful.

From: Phillip Sweeney

Delivered

Dear Australian Securities and Investments Commission,

Fairfax/9 reporter Adele Ferguson has reported on a determination handed down by the Superannuation Complaints Tribunal on 3 July 2018 concerning a complaint by a member of one of National Australia Bank's 'for-profit' superannuation funds.

The complainant had alleged that she had discovered she had been slugged a 5 per cent "administration" fee for a financial adviser she didn't know she had and who had never contacted her or provided her with services. She wanted a refund.

The SCT heard both sides and formed the view that other former and current members might similarly be affected and therefore ASIC should be informed as well as members.

"It would be appropriate for the form of the summary to be approved by ASIC," the SCT said.

The document I seek is a copy of a Referral under SEction 64 of the Superannuation (Resolution of Complaints) Act 1993 to ASIC where particulars of this contravention of "äny law or governing rule" has been provided to ASIC by the Chairperson of the Tribunal.

Yours faithfully,

Phillip Sweeney

Link to this

From: James Grapsas
Australian Securities and Investments Commission

Dear Mr Sweeney

Thank you for your request dated 28 August 2018.

I will be dealing with your request. While your request did not stipulate that it was an application for the purposes of the Freedom of Information Act 1982 (Cth) (the Act), I propose to deal with the matter as an application under the Act. Please let me know if you have any concerns or questions about this approach.

We received your request on 28 August 2018 and the 30 day statutory period for processing your request commenced from the day after that date. Therefore, you should expect a decision from us by Thursday, 27 September 2018. The period of 30 days may be extended if we need to consult third parties or for other reasons. We will advise you if this happens.

You will be notified of any charges in relation to your request as soon as possible, before we process any requested documents or impose a final charge.

Please note that information released under the Act may later be published on-line on our disclosure log: https://asic.gov.au/about-asic/freedom-o... , subject to certain exceptions.

We will contact you using the e-mail address you provided. Please advise if you would prefer use to use an alternative means of contact.

Please contact me if you have any queries.

Regards - James Grapsas

James Grapsas
Senior Lawyer, Investment Managers and Superannuation
Australian Securities and Investments Commission
Level 7, 120 Collins Street, Melbourne
Tel: +61 (0)3 9280 3606
[email address]

show quoted sections

Link to this

From: James Grapsas
Australian Securities and Investments Commission


Attachment Letter to FOI Applicant re Third Party Consultation 25 Sep 2018.pdf
122K Download View as HTML


Dear Mr Sweeney

I refer to my e-mail dated 11 September 2018, below.

A PDF of our letter dated 25 September 2018 is attached. If possible, please provide your response by e-mail by Wednesday, 3 October 2018.

Please contact me if you have any queries.

Regards - James Grapsas

James Grapsas
Senior Lawyer, Investment Managers and Superannuation
Australian Securities and Investments Commission
Level 7, 120 Collins Street, Melbourne
Tel: +61 (0)3 9280 3606
[email address]

show quoted sections

Link to this

From: Phillip Sweeney

Delivered

Dear James Grapsas,

I refer to your email of 25 September 2018.

(i) I agree to the release of my name to the affected third party, and
(ii) I also have been a victim of misconduct by the National Australia Bank with respect to my superannuation benefit and if the Superannuation Complaints Tribunal has made a referral to ASIC pursuant to Section 64 of the SRC Act then I shall also lodge a complaint of similar misconduct with the Superannuation Complaints Tribunal on the understanding that it will also be referred to ASIC.

Yours sincerely,

Phillip Sweeney

Link to this

From: James Grapsas
Australian Securities and Investments Commission

Dear Mr Sweeney

Thank you for your response.

In relation to your intended use of the documents(s), if released, do you consent to the release of your intended use to the affected third party?

Please contact me if you have any queries.

Regards - James Grapsas

James Grapsas
Senior Lawyer, Investment Managers and Superannuation
Australian Securities and Investments Commission
Level 7, 120 Collins Street, Melbourne
Tel: +61 (0)3 9280 3606
[email address]

show quoted sections

Link to this

From: Phillip Sweeney

Delivered

Dear James Grapsas,

Yes I consent to the release of my intended use to the affected party.

Yours sincerely,

Phillip Sweeney

Link to this

From: James Grapsas
Australian Securities and Investments Commission


Attachment Decision FOI Applicant 25 Oct 2018.pdf
168K Download View as HTML


Dear Mr Sweeney

I have attached a PDF of our decision letter dated 25 October 2018.

Please contact me if you have any queries.

Regards - James Grapsas

James Grapsas
Senior Lawyer, Investment Managers and Superannuation
Australian Securities and Investments Commission
Level 7, 120 Collins Street, Melbourne
Tel: +61 (0)3 9280 3606
[email address]

show quoted sections

Link to this

From: Andrea Corfield
Australian Securities and Investments Commission


Attachment image002.jpg
3K Download

Attachment FOI Redacted documents 25 October 2018.pdf
2.2M Download View as HTML


Dear Mr Sweeney

I write to you regarding your FOI application by email of 28 August 2018
in the matter of MLC Nominees, seeking access to a related section 64
referral to ASIC from the Superannuation Complaints Tribunal.  Attached
are the following (redacted) documents as per your request:

 1. Copy of SCT Determination D18-19/002
 2. SCT letter to NULIS Nominees (Australia) Limited dated 11 July 2018,
enclosing letter to ASIC dated 11 July 2018 and the section 64
notification to ASIC dated 8 July 2018
 3. SCT letter to ASIC dated 11 July 2018, enclosing the section 64
notification to ASIC dated 8 July 2018

 

As notified to you in previous ASIC emails, in certain circumstances
documentation cannot be released until the appeal rights of third party
applicants have expired.  In this case an ASIC review of the initial
decision was sought by a third party applicant.  The review decision was
made and the further appeal period has expired, enabling us to now release
the documents.

 

Yours sincerely

 

Andrea Corfield
Senior Lawyer, Superannuation

Australian Securities and Investments Commission

Level 9, 120 Collins Street, Melbourne, 3000

Tel: +61 3 9280 3340 | Mob: +61 0412 417 779

[1][email address]           

[2]ASIC logo

Please note: I work Monday, Tuesday and Thursday

 

 

 

Please consider the environment before printing this document.

 

Information collected by ASIC may contain personal information. Please
refer to our [3]Privacy Policy for information about how we handle your
personal information, your rights to seek access to and correct
your personal information, and how to complain about breaches of your
privacy by ASIC.

 

This e-mail and any attachments are intended for the addressee(s) only and
may be confidential. They may contain legally privileged, copyright
material or personal and /or confidential information. You should not
read, copy, use or disclose the content without authorisation. If you have
received this email in error, please notify the sender as soon as
possible, delete the email and destroy any copies. This notice should not
be removed.

References

Visible links
1. mailto:[email address]
3. https://www.asic.gov.au/privacy

Link to this

Things to do with this request

Anyone:
Australian Securities and Investments Commission only: