Notifications by Australian Guardians

One of the services Australian Guardians will be providing Members of Government Regulated Superannuation Funds is the provision of formal notifications to other parties who may be assisting the fraudulent design on the part of the Trustee of their Superannuation Fund.

Money could not be stolen from Members of Government Regulated Superannuation Funds without the assistance of other parties such as:

  • The “Independent” Fund Auditor
  • The Fund Administrator
  • the Fund Actuary
  • The Employer-Sponsor

Therefore once Members of Australian Guardians have identified fraudulent or suspected fraudulent conduct in relation to the payment of benefits from their Government Regulated Superannuation Fund, Australian Guardians will issue a formal notification to all of the parties listed above with a copy sent to the Prudential Regulator – APRA so a copy is kept on the Public Record.

In any action for a Breach of Trust it is important to join other parties who ‘knowingly assisted” in the Breach of Trust.

Therefore the question of what “knowledge” the parties listed above had of the Breach of Trust becomes important for a claim under the second limb of Barnes v Addy (1874) LR 9 Ch App 244.

By providing formal notifications to the parties listed above they will not able to claim in a Court of Law that they had no “knowledge” of the Breach of Trust or fraudulent conduct on the part of the Trustee of the Government Regulated Superannuation Fund.

Furthermore the “Independent” Auditor has an obligation to report suspected contraventions of the Corporations Act 2001 to ASIC under Section 311 and Section 990K of the Corporations Act 2001 and suspected contraventions of the Superannuation Industry (Supervision) Act 1993 to the Prudential Regulator – APRA, under Section 129 of the Superannuation Industry (Supervision) Act 1993. If will be difficult for the “Independent” Auditor to ignore this obligation is the Auditor has received a formal notification from Australian Guardians.

In the case of a final salary Defined Benefit Fund, the Fund Actuary also has an obligation to to report suspected contraventions of the Superannuation Industry (Supervision) Act 1993 to the Prudential Regulator – APRA, under Section 129 of the Superannuation Industry (Supervision) Act 1993.

Trustees of Government Regulated Superannuation Funds are often no more than “$2 Companies” with limited financial resources, this does not apply to the other parties who may be joined to a Breach of Trust action under the second limb of Barnes v Addy (1874) LR 9 Ch App 244.

Therefore Australian Guardians will be providing an important service to Members by providing formal notifications to these other parties when suspected fraudulent conduct has been identified.

Furthermore it is a criminal offence for Officers of a Government Regulated Superannuation Fund to contravene subsection 1017C(2) and 1017C(5) of the Corporations Act 2001 and to refuse to provide copies of the very Trust Documents that will confirm fraudulent conduct on the part of the Trustee and those who assist the Trustee.

Australian Guardians will also be providing formal notification to both APRA and ASIC when Officers of the Trustee have engaged in criminal conduct in an attempt to conceal a fraud from the Membership of their Fund.

Australian Guardians – Protecting your wealth when no one else will®

 

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>