Fight for Justice 2019

February 14 2019 the Commonwealth Ombudsman's Office telephoned and tried to excuse themselves over the phone that it is not their role to deal with the issues VOFF raised. I demanded they put it in writing as I have to answer to 250 members and I rely on evidence not something said over the phone. 

February 6 2019

The Commonwealth Ombudsman's Office reply included reference to previous VOFF correspondence from July 2014 and February 2018 including the January 2019 letter. Together the correspondence in the CO's 8 page reply gave the impression that VOFF was a nuisance letter writer. What the 8 page letter did not point out, VOFF's January 2019 letter concerned recent information that came available in the last 12 months, thereby making it unrelated to VOFF's earlier correspondence. The CO's Office reiterated that it refused the issue raised in the letters 1 and 2 then went on to refuse letter 3 without acknowledging the serious allegations raised in the January 2019 letter.

On 7 November 2018 Victims of Financial Fraud (VOFF) lodged a complaint with The Australian Financial Complaints Authority (AFCA) about The Australian Securities and Investments Commission (ASIC) and The Australian Prudential Regulatory Authority’s (APRA’s) handling of Trio Capital Limited (Trio). Mr Nicolas Crowhurst of AFCA, in letter dated 17 November 2018, advised, “If you have any concerns about the activities of any government agency, such as ASIC or APRA, your best option would be to make a complaint to the Commonwealth Ombudsman, who has jurisdiction over these types of issues.” 

VOFF sent to the Commonwealth Ombudsman on 17.01.2019:

• Cover letter dated 17.01.2019 – 1 Page

• Three key pieces of evidence 17.01.2019. – 12 Pages.

The three key pieces of recent evidence invites questions and challenges the integrity of previous Trio inquiry findings.

• Ten regulatory failures 17.01.2019. – 6 Pages

The 10 examples of regulatory failures are mainly of ASIC’s failures. VOFF believe ASIC ought to admit liability and the only issue should be the rolling out the quantification of loss and damage to the Trio victims. 

• Failure to investigate white-collar crime 17.01.2019.  – 1 Page

In regards to the issues surrounding age-care, researcher and aged care advocate Sarah Russell made some important observation today. On ABC Radio news and ABC News online, she said, “over the last two decades the Government has responded to all the criticism by making ineffectual changes and then boasting about our rigorous regulation."

Adding that, “data and evidence are lacking in helping to formulate aged care policy.

“Because of the Aged Care Act, we don't have transparency around staffing in aged care homes, we as researchers cannot access data about pressure injuries, dehydration, malnutrition, medication issues or falls."[1]

This sounds exactly the same with the Government’s response to criticism about the financial services industry. For example, Prime Minister Mr Scott Morrison made his position clear about bank victims at the Australian British Chamber of Commerce saying, the victims are “complicit” for being too “passive” “Too often we, the customers, have also become complicit in allowing the deck to be stacked against us”, “You can guarantee it—the more passive a customer is, the worse deal they are going to get.”[2]

Opposition Leader Bill Shorten, when he was the Minister for Superannuation, he stated in regards to the Trio victims, "I believe in caveat emptor; Latin for "let the buyer beware" meaning you need to take responsibility for your own decisions, if you buy something without doing your homework, well, you're an adult, that's your responsibility."[3]

Seemingly the government's modus operandi appears to be.

Keep a distance from systemic failures. Play the blame card against anyone harmed.

Deny that there was a problem. Don't recognise problems. Quietly introduce legislation to fix problems. Eventually a significantly different regime from the one that failed will emerge.