20th Aug 2018
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Commission accuses regulators of being too soft
Kenneth Hayne chairs super inquiry

The banking royal commission taught two watchdogs how to really bite when Michael Hodge QC savaged both, damning them for their hands-off approach to their regulatory roles.

The counsel assisting the commission on Friday grilled the Australian Prudential Regulation Authority (APRA) and the Australian Securities and Investments Commission (ASIC) on their lack of action in the face of misconduct in the financial services and superannuation industries.

The regulators were accused of having a soft touch when dealing with the banks’ wrongful taking of around $1 billion in fees from clients dating back to 2008.

APRA deputy chair Helen Rowell said it preferred to perform “behind-the-scenes” intervention in an attempt to prevent damage to pension fund members. When asked why APRA didn’t intervene when bank-owned funds and other firms were breaching laws requiring them to act in the best interests of their clients, Ms Rowell said the regulator didn’t want to get in the way of an industry-wide investigation by ASIC.

Mr Hodge damned APRA for not taking action, saying ASIC’s duties did not include determining whether funds were acting in the best interests of its customers.

He also accused ASIC of “bluffing” about launching legal action against ANZ Bank after learning it sold $3 billion in pension products without giving proper advice to customers.

ASIC executive Tim Mullaly said the regulator’s enforceable undertaking meant that ANZ promised to stop the practice from 18 August.

By and large, the royal commission has been witness to damning evidence of deplorable practice by many for-profit superannuation funds.

“I have to say that I have been incredibly disappointed and in many, many cases appalled by what has come out from the royal commission,” said Reserve Bank of Australia Governor Philip Lowe.

As a result, many major banks will be spending more on compliance and governance, provisioning for fines, selling wealth management businesses and returning to core lending.

There is also a “very high likelihood” that ASIC will soon launch proceedings against banks and financial institutions over illegal misconduct.

The regulators’ time in the “stand” followed a fortnight of dispiriting findings about fee gouging in Australia’s $2.6 trillion superannuation industry.

The banking royal commission found many retail super funds had been derelict in their legal duty of care to customers. The evidence showed that those funds had put their own needs and goals ahead of members, and just as often took advantage of them through various charges of financial misconduct.

One particularly vexing example was the response from AMP and NM Superannuation funds director Rachel Sansom and chairman Richard Allert, who basically blamed the client for allowing fee-gouging and low – sometimes even negative – returns from AMP funds.

Mr Hodge was staggered by one example of this practice – a member in their late 60s whose super was wholly invested in cash and was paying an adviser service fee every month, yet whose net return for the year ending 30 June 2016 was $3.23.

When Mr Allert was asked why the member didn’t just invest their retirement savings in an interest-bearing account with AMP bank, he replied: “You would have to ask the client.”

The inquiry has exposed widespread wrongdoing in the banking and wealth management industries, largely due to super fund members being disengaged and disadvantaged through a lack of financial literacy.

Interestingly, the YourLifeChoices Financial Literacy Survey 2018 revealed that 86 per cent of the 5064 respondents said they managed their own financial affairs, with over 70 per cent managing their own finances in the past few years either well (50.4 per cent) or very well (20 per cent).

Sixty-three per cent also believe they manage their finances and investments well (50.5 per cent) or very well (13 per cent), and 52 per cent said they were either confident or very confident about their long-term future.

These findings seemingly contradict evidence of financial literacy about super.

“Members of superannuation funds, like most beneficiaries, are vulnerable … many are disengaged and disadvantaged by a lack of financial literacy,” said Mr Hodge.

“They are readily able to be taken advantage of. And the evidence suggests that this has occurred in some cases.”The next round of the inquiry will happen in September, when the commission targets insurance and the final round will take place in November, when it examines policy issues.

Read more at www.reuters.com

Are you a member of any funds found guilty of misconduct? How financially literate do you consider yourself? How much do you know about your super fund?

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    COMMENTS

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    20th Aug 2018
    11:12am
    LnP’s royal commission has revealed a few bad practices amongst industry and retail
    Funds
    Going forward we will have a better system and compliance
    Rae
    20th Aug 2018
    2:37pm
    Yes and they should find out where that billion stolen went and get it back. From industry and retail funds depending on how much was paid for advice not given, fees not required and very bad investment advice.

    Every Board needs a mix of experts, employer reps and employee reps both Industry and Retail to keep the members informed.
    That retail funds don't have member representation encourages corruption.
    Pentop
    20th Aug 2018
    2:53pm
    Rae... totally agree with your comments regarding retail funds not having member representation... without it ... this is the end result.
    TREBOR
    20th Aug 2018
    4:26pm
    .. and no tax deduction for enforced refunds ..... proceeds of organised crime do not warrant ANY reward....
    Anonymous
    20th Aug 2018
    4:30pm
    “Enforced refunds “
    “Organized crime “
    What on earth are you talking about Trebor

    What about all the revenue, tax credits and capital gains generated by industry funds that are hidden in a black hole never to be seen by members ?
    You know the ones - used to pay union rep fees , expenses , bar bills , travel , union advertising etc etc
    TREBOR
    20th Aug 2018
    7:48pm
    These institutions need to be dragged kicking and screaming to repay robbed funds - that's pretty forced, wouldn't you imagine for one moment if you tried?

    When an organisation institutionalises taking money unfairly and by skullduggery - that's pretty organised crime, wouldn't you imagine for one moment if you tried?

    You sound petrified of a drop in dividends or something... well Pilgrim - you roll that investment poker machine and you take your chances on the house not taking a drop..... sorry 'bout that. You'll just have to take it on the chin the same as all those investors have for years - you know - the ones who don't get dividend from shares in the very organisations that take their money by skullduggery?

    Investment can be a roller coaster, eh?
    Anonymous
    20th Aug 2018
    7:57pm
    Try some straight speaking Trebor instead some wannabe new age financial Shakespeare
    Quite boring really
    TREBOR
    20th Aug 2018
    8:33pm
    I speak plain English - 'tis you, my good man, who is in need of learning to read and understand....
    Rae
    21st Aug 2018
    6:56am
    My last Hyatt experience in Sydney was informative. We were offered a "special" which included canapés and full breakfast as part of the deal. The food and beverages were amazing. I thought it was due to the high overnight charge but no the Banks were in town as it was budget night.A very large Bank were holding a Conference thus the largess.
    Don't talk about bar bills and travel to me olbaid. And I suppose the retail funds also don't pay for advertising either? What a silly comment. They all do it both Retail and Industry.

    And the retail funds are most likely to use churning as well which hasn't been mentioned yet.It is one reason for high profits, loss of capital and excessive fees that Retail charge.

    The Market will correct when Central Banks stop throwing debt at them. Nothing is surer. A lot of bank shareholders will take haircuts and there will be huge losses of capital.

    If a Superannuation Fund couldn't make money in the biggest boom ever over the last 9 years they will never make money in my opinion and should be shut down with Members Funds directed to the default fund. At least it makes a return and has minimum fees if you close the insurance option out.

    I never believed Superannuation as redesigned by the LNP was going to work. The advantage of compounding has been removed by those 15% taxes going in and on returns when it should have been paid at the end after the compounding had a chance to work.

    The Government got greedy and wanted the money upfront and broke the strategy.
    Anonymous
    21st Aug 2018
    9:19am
    Rae - you’re starting to sound as silly as Trebor
    Compounding works whether $10,000 or $8,500 is added to your portfolio
    TREBOR
    21st Aug 2018
    2:03pm
    olbie - you're trying every which way to avoid the issues - banks and such should not be permitted to be robbers... that's the question.

    Now stop being silly and start thinking.
    Rae
    22nd Aug 2018
    7:53am
    Compounding works better for $10 000 invested over 40 years than $8500 invested over 40 years any everyone knows it.

    In fact a lot of young people would be better off borrowing $50 000 in their first year of work and investing it in shares and bonds. Paying it back using negative gearing and then letting it run for 40 years and keeping the 9.5% for themselves ever afterwards.

    It wouldn't be hard to compare the two.

    Just as long as the churning didn't go on costing a whack of it in transaction costs.

    In my opinion the top few retail funds for the high income do best, followed by Industry and then retail with all the fees and commissions.

    They all are overpaid and most don't beat the indexes. They advertise too much and waste our money incredible well.

    Superannuation as set up was a neat idea but it's anything but that now as wages stagnate, markets run hot itching for a correction and the foxes roam taking a hen out here and a hen out there.
    Old Man
    20th Aug 2018
    1:02pm
    What a farce! We have the regulator saying that they were leaving the problems to another organisation which had no power to do anything. Time for Rowell and others who sat on their hands to do the honourable thing and resign or be sacked. Here we have superannuation funds ripping off members, APRA being aware of it and doing nothing. Time to appoint some qualified people with the guts to do the job for which they will be appointed and earn the money that has been wasted by the current board.

    In saying that, why did Wayne Byres, the Chairman, allow a Deputy Chair to front the FSRC? He is prepared to take the money but not take responsibility. Did he send a woman because he thought the FSRC might go a bit easier on her? His resignation by the end of the day will not be soon enough. The other Exectutive who also did nothing are: Geoff Summerhayes, Mark Adams, Pat Brennan, Sean Carmody, Brandon Khoo, Steve Matthews and Therese McCarthy Hockey, all of whom were asleep at the wheel.
    TREBOR
    20th Aug 2018
    2:05pm
    Spot on - couple of Usual Suspect names in there...... you're on the ball...

    Two jelly beans....
    Sundays
    20th Aug 2018
    2:19pm
    I agree Old Man. Nothing will change until APRA and ASIC have a major overhaul. They seem more about tick and flick than actual compliance
    Rae
    20th Aug 2018
    2:41pm
    Yes. It would be good to find who is representing the IPA in APRA and ASIC and heave them out. That APRA has now put all our investments in banks, some bonds and who knows what the other "instruments" are at higher risk through legislation is very worrying.

    A lot of the smart money is bailing out before it gets bailed in and that is also a worry.
    TREBOR
    20th Aug 2018
    4:31pm
    Real Headline:-

    Regulator and Monitor Both Asleep At The Wheel!

    Mistaken interpretation of Roll Over needs to be corrected! Millions Suffer Loss!
    TREBOR
    20th Aug 2018
    2:04pm
    Perhaps, M Spruiker, the legislation surrounding superannuation is in need of a review, and in some ways allow more control - at the moment the ordinary PAYG contributor has no say and no control about his or her funds once they have gone into a fund, and can only decree which fund will be allowed to chew off the fat of their contributions....

    M Spruiker - this is a situation fraught with peril for the very vast majority of Australian PAYG - and quite a few SFRs as well, lest we forget - due to the infinite possibility for a fund operator to lev fees and charges and not even necessarily report to the 'shareholder' the actual turnover in investment cash by that fund....

    All in all, M Spruiker - this situation is in dire need of clear oversight and some modification of regulation so as to afford more power to the contributor - who, after all, is paying that money to that fund for safekeeping.
    Pentop
    20th Aug 2018
    2:57pm
    The ordinary contributor has the right to ask that their funds are put where they want!!! This is legislated. Additionally within the actual fund that they choose they also have the right to choose which stream it should be invested. Again this is the law.

    People just don't want to look at it and just complain when it goes wrong.

    Check, check, check... that is the responsibility of everyone. People usually check their payslips when they receive they money and no doubt, most would check their tax returns so why do they expect that leaving it to others would work elsewhere.
    Old Man
    20th Aug 2018
    4:27pm
    I agree Bob, Keating's brainchild has had little to no changes since legislated. All that successive governments have done is to play with the amount of taxes that can be ripped off the various funds and/or the member. I would think that the FSRC will give a comprehensive report to government with the Commissioner's recommendations as to what legislative changes are needed to protect the member.
    TREBOR
    20th Aug 2018
    4:29pm
    So I can refuse to have my funds put with a shonk? Good-O - how many people are aware of that and how many actually do it?

    That's the entire reason for regulation... to ensure that Shorn Keyes are not allowed to take off with the funds or put them into another Shorn Keye investment.

    (aye - that's mah sheep, Shorn - that'll do, sheep... that'll do)....
    Anonymous
    20th Aug 2018
    4:57pm
    tremor, the big words, sounding intelligent etc, why don't you look after your own funds, case solved! I do.
    Old Man
    20th Aug 2018
    5:16pm
    Another Labor troll heemskerk99? You're right into the Labor playbook, when there are no facts to refute the opponent and all else fails, attack the opponent's character.
    Anonymous
    20th Aug 2018
    7:32pm
    o.m.I don't care if you call me a labor troll or for that matter anything as so to please your inherent regard for keating, I am just sick to death to have to read the comments of this so majestic, uneducated, grandiose, mediocre contributor to these columns who even has you bluffed, you may call him bob and you may receive the two jelly beans he so gracefully allocated to you in an earlier post, all I said was, "why don't you look after your own funds,"and yes it might be easier to blame those who are appointed to look after your affairs, if you think you can do better just do it, stop complaining or pointing your finger, is it any wonder this beautiful country AUSTRALIA is going down, down by reading the comments of you and the likes, all I can say, hopefully your descendants will have the spirit to make AUSTRALIA the place it once was, where people did it their own way and did not rely on the government to do it for them and then blame the government if things went eschew, the trouble now-a-days is the likes of you who have lost their purpose of life (the will to compete) o.m instead of calling me a labor troll, look at yourself and ask just one question, am I a TRUE AUSTRALIAN or just a moaner and groaner who have no interest in this beautiful country apart from how can I fleece more money from the tax payers!
    TREBOR
    20th Aug 2018
    8:02pm
    My poor fellow - I have no need to sound intelligent - even the fact that I can sound intelligent to an intellectual stonefish such as yourself indicates that I am naturally intelligent.....

    Most people, being on limited incomes etc, do not have the opportunity to 'look after their own funds' - but have no choice but to be involved in the mandatory superannuation scheme that substituted for pay rises....

    When they finally end their commitment to that scheme, and perhaps have a fund of cash, they may be able to consider taking control of their own retirement finances - until then most are stuck with the one Keating's Mob handed down from on high - with all of its anticipated failures.

    You seem to do a lot of moaning and groaning to me, my good sir.... just saying....
    TREBOR
    20th Aug 2018
    8:05pm
    This country is going down because certain 'business' types are robbing it blind, and some investors (should I point the finger?) are happily leeching off these leeches as a secondary parasite ... the thing about leeches is that when they have been sucking blood for a very long time - they become very bloated - and when stepped on there is a lot of blood splattered around... including on secondary leeches.

    Life can be tough like that - take the pain as so many have from being robbed in their investments..... investors have had their free ride - now it's time to pay the piper.....
    Anonymous
    20th Aug 2018
    8:08pm
    More meaningless waffle
    No substance
    God help us
    TREBOR
    20th Aug 2018
    8:32pm
    Not my fault you can't keep up - there's always next lifetime, Grasshopper ....

    Those who lie down with dogs will get fleas - so choose your investments with honourable people running them.... that way you won't cop a backlash of fleas down the track...
    TREBOR
    20th Aug 2018
    8:39pm
    BTW - I EARN my royalties held in Chase Manhattan through work - not a single investment dollar among them..... only a grasper enters into a business arrangement for cash...
    Anonymous
    20th Aug 2018
    8:48pm
    Trebor - you’re so sad that you’re actually funny
    But not funny enough that I’d read more than 1 sentence of your dribble
    TREBOR
    21st Aug 2018
    5:42am
    What a pity - your education is sadly lacking in many areas. BTW - I pay a higher tax rate there - not a lower - but I figure that it goes to some good, and mere money is not that important to me that I need to get it at any cost.

    If you haven't read it, olbie - why are you commenting ? (gotcha in one)....
    DeepBlue
    20th Aug 2018
    10:28pm
    Some facts:

    1. Reuters has been owned by the Rothschild banking family since 1880; the people who own/control almost all Central Banks in the world. Along with a few pals, they own the USA's Federal Reserve, and they appointed Phillip Lowe as Governor of Australia's Reserve Bank. His previous job was with the International Bank of Settlements - the central bank of central banks - also owned by the Rothschilds.

    2. Reuters has very good insights into future events related to banking. For example, they knew about the controlled demolition of the 3rd building on the World Trade Centre site on 9/11. They issued the press release before the building collapsed and the BBC went straight to air with it, with the building still visible, standing, in the back of the live report. See https://www.youtube.com/watch?v=677i43QfYpQ The BBC blamed Reuters for the report and said they just went to air with it.

    3. Who benefited from 9/11? The International Banking group - Rothschild, Rockerfeller & Morgans. They got new central banks in Afghanistan (lots of money to be made off the UK elite's poppy growing activities - see https://www.news.com.au/finance/business/banking/the-global-dirty-money-bank-that-proves-banks-are-beyond-the-law/news-story/fb0cd7e82efa062f8d186065c7a67fff). Iraq (lots of money from oil industry) and Lybia (oil money).

    4. A group of over 2000 USA architects and engineers states that a fire as small as that created by the impacting aircraft could never bring down the buildings. If it could, every high rise in the USA needs to be demolished to prevent similar disasters due to small fires, because the fire resistance standards in these buildings are lower than the Twin Towers. See https://en.wikipedia.org/wiki/Architects_%26_Engineers_for_9/11_Truth

    5. Bankers kill and destroy as they like to advance their business goals. 9/11 gave them massive money from funding the subsequent wars and controlling banking in three new countries. Money laundering, wars, illicit drug production and distribution (HSBC started business in the Cocain Wars of China, laundering drug money. British Aristocrats made the drugs in India - when the British government put Ghandi in gaol for threatening the national finances after he campaigned against their drug production - and shipped it (P&O Line) to China where HSBC laundered the money. They moved production to Afghanistan after Indian independence) and terrorism ( A French study in 2009 confirmed some tens of thousands of additional child deaths per annum due to aid organisations and nations having less money for projects because of the Global Financial Collapse orchestrated by the Banksters. At 20K per week, that's over 1 million additional dead children a year. A regular terrorist organisation hiding in the mountains could only dream of such a kill rate.) are the foundations of non-retail banking.

    6. If the Royal Commission fines the banks and finance companies, who will actually lose that money? Us, the customers, via higher fees and lower interest on investments. If there are to be fines, they need to be levied against the assets of the individuals involved. And they must be banned from working in the bank and finance industry ever again. And gaoled for a minimum ten years. On release, an ankle tracking device to ensure they stay out of such businesses and so their movement can be tracked. We need protection from these scum who run organisations that are "too big to fail" and need our taxpayer financial support to keep them afloat.

    And we need to dismantle the banking system as it is presently known. Otherwise the problems will continue as they have for centuries. And people will continue to be killed; through drugs, war and whatever it takes to expand their businesses and control governments and countries.
    Anonymous
    20th Aug 2018
    10:33pm
    Oh Gawd. Children, let this be a lesson - this is what happens when you don’t eat your meat.
    Anonymous
    20th Aug 2018
    10:43pm
    not another dreamer in these columns, show them a worm and they swear it is phyton, a km long, 120 ton in weight and faster then lightning and they just escaped it by hiding in a bluebird nest.
    TREBOR
    21st Aug 2018
    5:50am
    Are you two twins? (couldn't be - fate could never be that unkind).... ohhh ... I dunno - there could be some merit in what Deep Blue says.... worth a look anyway, rather than using a closed mind.

    Qui Bono is a good place to start..... might be worth a look....

    Now don't you boys go taking any hornless unicorns sold to you as race horses ... best leave that kind of sale to governments..... just don't be taken in by glib salesmanship and you'll be right....

    20th Aug 2018
    10:31pm
    tremor, I got no objection of you can calling me a poor fellow etc but to call yourself intelligent takes the cake, you come up with all the excuses why you can't look after your own interests, maybe being asleep at 2.30am instead of attempting finding ways to slur others might help, as for earning royalties, give us a break, next you will tell us you were mr.bond in" from russia with love" or god help us "goldfinger", then again nothing would surprise me, some people just love dreaming of being a high roller without waking up and realising that there is more to live then dreams!
    TREBOR
    21st Aug 2018
    5:45am
    Good laugh, heemie - no wonder the management here hate you.

    Now do try to stick to the issues - even if you have difficulty understanding what people say when the words are longer than one syllable.

    I'm afraid Ian Fleming is long gone... you're the one making the claim.... I merely remain anonymous to your kind. Fleming's work is pretty simplistic in reality and lacks subtlety ...but is popularist rather than literary. I tend to vary a lot more in my different series in style.
    TREBOR
    21st Aug 2018
    5:52am
    Perhaps you could pause for a moment and consider why anyone would 'slur' you, heemie.... give yourself an hour or two to let it seep through.....
    TREBOR
    21st Aug 2018
    6:12am
    Here, heemie - I'll throw you a bone to use as an exit card - this is what I said:-

    "Most people, being on limited incomes etc, do not have the opportunity to 'look after their own funds' ".

    Where did I mention myself? I merely state the blindingly obvious - Most people do not have the opportunity to 'look after their own funds' because they simply don;t have the residual funds to do so - and away you go on some fantasy trip, imagining you know every detail of my life etc, and turning it into a personal issue.

    I withdraw the stonefish reference - more of a toadfish.
    Adrianus
    21st Aug 2018
    9:10am
    TREBOR, you are dead wrong. Australian's have never had it so good. We have tremendous choice of opportunity. If you don't look hard enough, or you don't take advantage of opportunities which are served up to you then there is absolutely no credibility in your blaming of others. Coincidently, its the two uppercase sad sacks which don't have any opportunity, MICK and TREBOR. The rest of us are fine.
    TREBOR
    21st Aug 2018
    2:08pm
    That's MR Sad Sacks to you.... and it's UPPER Class not upper case...

    Poor old Adrie - you think that many people are not on incomes that limit their opportunities to invest etc? Perhaps you should look around a bit more and get out a bit more....

    The simple reality is that most people are on wages - and wages at the moment find it an uphill battle to compete with escalating costs of living - let alone finding the amounts large enough for 'looking at opportunities'.

    I've done far more in this lifetime than you could ever dream of.....

    Somebody tell 'em e's dreaming.
    TREBOR
    21st Aug 2018
    2:45pm
    Oh, Adrie... ADRIE - tell that to the 700,000 unemployed and the times 2+ who are under-employed - making around 2,100,000 who have little to no 'discretionary income' - and that's out of a workforce of $12,500,000 - or around one in six......... and many of the other five out of six are not in secure employment, many are 'tradies' who live from job to job, many are 'contracted employees' subject to termination without notice or change of contract without notice, and many are Tony's infamous 'part-time casual', and some of them are movie people like my kids' mother who live from job to job.

    Perhaps you could hold a series of seminars for the unemployed etc, and advise them how to 'seek out their opportunities'......... sounds like a good Christian thing to do.....
    Adrianus
    22nd Aug 2018
    9:06am
    Poor old Mr Sad Sacks, you're making me feel depressed for you. Oh dear, there's no opportunity for TREBOR and MICK. What has become of this wonderful country? There is not 12 million employed in this sad country anymore just 700,000 unemployed with no opportunity. We're in a terrible state, how did this happen?? I went to sleep last night thinking the world was a beautiful place? What happened??
    Adrianus
    21st Aug 2018
    9:00am
    I cannot in all conscience bring myself to be too critical of ASIC executive Tim Mullaly. Let's remember that the Labor guy resigned as soon as he heard Turnbull was holding a Royal Commission. So Tim Mullaly has entered the job as he battled a strong head wind from the stinky stuff flying off the fan. Typical of a childish Labor Party. They always leave a mess behind them.
    ex PS
    21st Aug 2018
    12:29pm
    You don't buy a guard dog, pull out all its teeth and then blame it when someone sneaks in and robs you. The government can console itself with the fact that it didn't get robbed, the taxpayers did.
    TREBOR
    21st Aug 2018
    2:45pm
    Yes - that'll be a relief.

    21st Aug 2018
    8:33pm
    tremor's words "good laugh, heemie-no wonder the management HERE hate you", this just shows why and how some of my posts in these columns have disappeared after 2.30 am, it seems to be the time he is most active as for me being hated by the management of ylc. their refusal of many more of his requests for comments to be deleted, not just those made by me, but also by other contributors, has shown him up to be only a minor cog, a minute particle would be a better word, of his contribution to these discussions, his grandiose language, his plagiarism of other people's quotes and yet never able to come up with something original, to see two, three of his comments coming up in a row, hogging and hoping to be the highlight of any discussion, one just has to ask is this person for real, the two jelly beans he rewarded to one contributor in these columns would have been better spend to fill the vacuum above his eyes, however mr.tremor keep on commenting as it be the only laugh we now get in this once known for being the best country in this world, you and your fellow moaners have a lot to answer for by bringing this once lucky country to its knees and for all it is worth you still have not answered my simple question in this post "why don't you look after your own funds as I do" !!!!!!!!!!!!!!!!!
    Adrianus
    22nd Aug 2018
    9:15am
    I can answer that question heemsy, if I may? TREBOR doesn't do anything for himself because he has no opportunities. Opportunity is something only afforded to rich people who are to be despised for their success. We can only spare a thought for his ex wife if she lands a big gig in Hollywood and gets on the list. lolol
    Noodles
    23rd Aug 2018
    2:04pm
    Before tranferring 10 years ago to an industry fund my super was with the Commonwealth Bank.

    I intend contacting them and asking for a refund of monies paid for service I did not get...i.e. financial advisor. Barely heard from him and never offered advice as far as I can recall.


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