The Prime Minister

The following list of questions has been posed by Australian Guardians to the Prime Minister .

The current Prime Minister is the Hon Julia Gillard MP

If you have a question that you would like to ask the Prime Minister in relation to the safety of your superannuation post that question below.

Question on Notice – 7 July 2012

Would the Prime Minister not agree that it is a matter of Public Interest to 12 million unique Members of Government Regulated Superannuation Funds when they find out that some Employers are using their Employer-Sponsored Superannuation Fund as a means of paying secret “Golden Handshake” termination payments to failed CEOs that are hidden from the view of the financial media.

In response to public outrage over multi-million dollars payments such as the $7.8 Million payment received by a former CEO of the ASX (who then became the Chairman of ASIC earning $700,000 per annum), the Labor Government introduced the Corporations Amendment (Improving Accountability on Termination Payments) 2009 Act to put a limit on such payments without shareholder approval.

On 5 June 2012 Australian Guardians provided the Minister Responsible for ASIC, the Hon Burnie Ripoll MP with details of a case where a former CEO received a $15 million “Golden Handshake” by this means.

Will the Prime Minister ensure that the Minister of State responsible for ASIC uses his powers under Section 14 of the ASIC Act 2001 to direct that ASIC investigate this and other cases where Government Regulated Superannuation Funds are illegally used as a means of defeating the Corporations Amendment (Improving Accountability on Termination Payments) 2009 Act ?

Answer: Awaiting

Question on Notice – 13 September 2012

The following question was posed by Australian Guardians to the Minister Responsible for Superannuation on 22 June 2012

“What can I do if someone steals my compulsory Superannuation or a large part of it”?

The Responsible Minister the Hon Bill Shorten MP has been unable to provide an answer to the 12 million Australians who are Members of Government Regulated Superannuation Funds.

No use taking a complaint to the Superannuation Complaints Tribunal, the Tribunal only has jurisdiction to deal with the decisions of Trustee that are made within power of the Governing Rules of the Fund. The Tribunal Chairperson admits that 17% of complaints received by the Tribunal involve allegations that someone has stolen part of a superannuation benefit.

No use taking a complaint to the “RegulatorsAPRA and ASIC, since they are not “complaint handling agencies” and they generally only act “after the event” such as the insolvency of a superannuation fund or an insurance company such as HIH Insurance Ltd.

Furthermore 30% of Trustees cannot even be bothered complying with the Conditions on their RSE Licences issued by APRA.

So Prime Minister are you able to provide an answer to the 12 million Australians who are Members of Government Regulated Superannuation Funds to the following question:

“What can I do if someone steals my compulsory Superannuation or a large part of it”?

Answer: Awaiting

Question on Notice – 26 September 2012

The following question was posed by Australian Guardians to the Minister Responsible for Superannuation on 26 September 2012

“Would the Prime Minister agree that the Regulators APRA and ASIC are both prime examples of “Regulatory Capture” and that Australians should have no confidence that either of these agencies will protect their superannuation entitlements?

Regulatory Capture occurs when a Government regulatory agency, created to act in the public interest, instead advances the commercial or special interests that dominate the industry or sector it is charged with regulating. Regulatory capture is a form of Government Failure.

The US Securities and Exchange Commission(SEC) is a classic example of “Regulatory Capture” and has  been accused of acting in the interests of Wall Street banks and hedge funds and of dragging its feet or refusing to investigate cases or bring charges for fraud and insider trading. Financial analyst Harry Markopolos, who spent ten years trying to get the SEC to investigate Bernie Madoff, called the agency “nonfunctional, captive to the industry”.

So Prime Minister are you able to provide an answer to the 12 million Australians who are Members of Government Regulated Superannuation Funds to the following question:

“What can I do if someone steals my compulsory Superannuation or a large part of it”?

Neither APRA nor ASIC are about to help members of the Public when they are captive to the commercial firms they are meant to regulate.

Answer: Awaiting

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