Stephen Jones (Throsby, Australian Labor Party, Shadow Parliamentary Secretary for Regional Development and Infrastructure) Share this | Hansard source

The collapse of Trio Capital was the largest superannuation fraud in Australia's history. Around about $176 million of investor funds were lost and sent overseas. Hundreds of these victims came from my electorate of Throsby and throughout the Irrewarra. It was in part response to the Trio Capital fraud that Labor introduced the financial advice reforms to the last parliament.

In the lead up to the 2013 election, the Trio Capital victims' circumstances were hotly contested in my electorate. Indeed, the Liberal minister responsible, Senator Cormann, said that there was a series of unique circumstances in Trio Capital and there would be some justification for a level of compensation. I am told that it has been 382 days since that commitment was given to the Trio Capital victims and still there has been no honouring of that commitment. What is more, the FOFA laws are being wound backwards.

I today standard parliament and demand that the Liberal minister honour the commitment that he gave to electors in my electorate, which was that he would pay the compensation and do what he said he would do. I call on the government to listen to the advice of the experts in the industry who are saying, 'Ditch your FOFA reforms.'

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