Royal Commission into the banks - NAB

Phillip Sweeney made this Freedom of Information request to Australian Prudential Regulation Authority

Waiting for an internal review by Australian Prudential Regulation Authority of their handling of this request.

From: Phillip Sweeney

Delivered

Dear Australian Prudential Regulation Authority,

Following public concern about the safety of their retirement “nest eggs”, the Parliament of Australia enacted the Superannuation Safety Amendment Act 2004 which amended the Superannuation Industry (Supervision) Act 1993 (SIS Act) to empower APRA to register large superannuation funds pursuant to Section 29L of the SIS Act.

To qualify for registration, a trustee had to lodge a copy of the original Trust Deed with APRA.

If the original Trust Deed reserved an amending power, then the trustee also had to lodge copies of all subsequent amending instruments that had been executed in accordance with the provisions of this amending power with APRA as well.

Section 29M of the SIS Act prevented APRA from registering a fund until all the requirements of Section 29L had been satisfied.

For APRA to register an occupational pension scheme established on the 23 December 1913 in the State of South Australia that was at one time known as the Elders IXL Superannuation Fund, a copy of the Trust Deed executed on this date should have been lodged with APRA.

This Trust Deed reserved an amending power than was conferred on the natural person Directors of the original sponsoring Employer- Elder Smith & Co Limited.

The Elder Smith & Co Limited Provident Funds Act 1963 (SA) amended the Regulations of this scheme so that the natural person Directors of any “successor company” held this amending power.

The first “successor company” was Elder Smith Goldsbrough Mort Ltd, which was renamed Elders IXL Limited in 1982.

However instead of lodging a copy of the original Trust Deed executed on the 23 December 1913 and copies of all amending Deeds executed in accordance with the provisions of the amending power reserved in the original Trust Deed, a document dated 26 August 1986 was misrepresented to APRA as the “Trust Deed” of the Fund.

This document bears the signature of a well known white-collar criminal who served a term of imprisonment for dishonest conduct.

This document itself recites the 1913 Trust Deed, so the document dated 26 August 1986 cannot have possibly have been the “Trust Deed” of the fund.

The document dated 26 August 1986 has not been executed by a majority of the Directors of Elders IXL Limited as required by the amending Power and so is void and ineffective.

However even though there was non-compliance with Section 29L of the SIS Act, APRA then contravened Section 29M of the SIS Act by granting Registration Number R1004830.

The document I seek is a copy of a directive from APRA to either of the out-of-jurisdiction purported corporate trustees, CCSL Ltd or PFS Nominees Pty Ltd, seeking a copy of the original Trust Deed executed on the 23 December 1913 and copies all amending Deeds executed in accordance with the provisions of the amending power reserved in the original Trust Deed.

These “trust documents” should have been lodged with APRA BEFORE APRA granted Registration Number R1004830.

PFS Nominees Pty Ltd is a subsidiary company of the National Australia Bank (NAB).

Included in these Deeds would have been an amending Deed executed on the 20 November 1974 that confirms the entitlement of widows of qualifying male officers to receive a death benefit in the form of a survivorship pension.

This “death benefit policy document” was deliberately concealed from APRA, because death benefits were not being paid to widows.

This FOI request and response may be tendered as evidence to a Royal Commission into the banks.

Yours faithfully,

Phillip Sweeney

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From: Freedom of Information
Australian Prudential Regulation Authority

Dear Mr Sweeney

I acknowledge your FOI request as set out below. We are processing your request and will respond to you soon.

Kind regards

Ben Carruthers
FOI Officer

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From: Freedom of Information
Australian Prudential Regulation Authority


Attachment 20160531 Notice of Decision to issue charges FOI 53.pdf
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Dear Mr Sweeney

 

Please see attached, APRA's Notice of Decision to issue charges dated 31
May 2016.

 

Kind regards

 

APRA FOI Officer

 

[1]http://www.apra.gov.au/PublishingImages/...

 

 

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From: Phillip Sweeney

Delivered

Dear Australian Prudential Regulation Authority,

Please pass this on to the person who conducts Freedom of Information reviews.

I am writing to request an internal review of Australian Prudential Regulation Authority's handling of my FOI request 'Royal Commission into the banks - NAB'.

The charges to be imposed are excessive and should be waived on the grounds of "public interest" given APRA contravened Section 29M of the Superannuation Industry (Supervision) Act 1993 by granting fund registration when there had been non-compliance with Section 29L of the SIS Act and where APRA accepted a document that was misrepresented as the fund "Trust Deed" when the document had been signed by someone described on the front page of The Canberra Times as a "self-confessed fraudster and liar".

This document recited the genuine Trust Deed executed on the 23 December 1913 and so could not possibly have been the original Trust Deed.

The public interest aspect should therefore be paramount in the release of the documents requested.

A full history of my FOI request and all correspondence is available on the Internet at this address: https://www.righttoknow.org.au/request/r...

Yours faithfully,

Phillip Sweeney

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From: Freedom of Information
Australian Prudential Regulation Authority


Attachment 20160721 L FOI to PS charges.pdf
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Dear Mr Sweeny

Please see the attached letter.

Kind regards

FOI Officer

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