VOFF Submission to the Productivity Commission offering a real-world experience with superannuation from the consumer perspective.

VOFF Submission to PC 28.06.2018.pdf VOFF Submission to PC 28.06.2018.pdf
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15 March 2018 Senior Counsel Assisting Ms Rowens Orr QC at The Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry

VOFF SUB to RC 08.03.2018 

complaint regarding: not treated honestly and fairly in the Australian financial system was sent to the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry.

First file is letter from Commonwealth Ombudsman to VOFF.

Second file (far right) is VOFF's letter in reply.

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VOFF FOI 450 to CO 08.03.2018.pdf VOFF FOI 450 to CO 08.03.2018.pdf
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VOFF SUB to RC 06.03.2018

1. Cover Letter to RC 06.03.2018.pdf 1. Cover Letter to RC 06.03.2018.pdf
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VOFF to IC 05.03.2018.pdf VOFF to IC 05.03.2018.pdf
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VOFF SUB to RC 05.03.2018 concerning the AUSTRAC Exemption.

VOFF SUB to RC 05.03.2018.pdf VOFF SUB to RC 05.03.2018.pdf
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VOFF SUB to RC 19.02.2018.pdf VOFF SUB to RC 19.02.2018.pdf
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VOFF Sub Banking Royal Commission 12.02.2018 concerning the approach by the Sydney Morning Herald to enquire with Trio's custodian about assets.

VOFF SUBMISSION regarding superannuation complaint process

October 17th 2016

On 5 May 2016, government announced the establishment of an independent expert panel to lead the review into the financial system’s external dispute resolution and complaints framework.

• The Financial Ombudsman Service,

• Superannuation Complaints Tribunal and

• Credit and Investments Ombudsman

 VOFF’s submission highlights that our members have no legal recourse available after a financial crime in the Australian financial system.

 A final report is to be provided to the Minister for Revenue and Financial Services by the end of March 2017.

For more information about the Review see: 


VOFF SUB EDR REVIEW 17_10_16.pdf VOFF SUB EDR REVIEW 17_10_16.pdf
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VOFF SUBMISSION to the Inquiry into the 4 big banks

October 4th 2016

The inquiry into the big 4 banks by politicians did not call for submission from the public, but VOFF took the opportunity to inform the Committee of 9 politicians about an unresolved issue concerning the Astarra Strategic fund in March 2009 (6 months before the alarm rang). See pdf file of submission.

October4,2016-Inquiry into Banks.pdf October4,2016-Inquiry into Banks.pdf
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October 18th 2016

The Hon. Matt Thistlethwaite MP sent a reply,

Dear Mr Telford,

 Thank you for your correspondence regarding the recent enquiry into banking conducted by the House of Representatives Standing Committee on Economics of which I am the deputy chair.

Information and stories like yours are important to this process and I think you for sharing it with me.

As you are aware the government planned this process to prevent extensive scrutiny of the big four banks. This meant the each Labor member of the committee only got around 20 minutes to ask questions of each or the banks senior executives. It now appears the government controlled committee will not require them to return until this time next year. 

Confidence and trust in the fairness of Australia’s financial services industry has taken a huge hit after series of scandals and high profile consumer rip offs in recent years. Retirees have had their retirement savings gutted. Families have been rorted out of hundreds of thousands of dollars. Small business owners have lost everything. Life insurance policy holders have been denied justice. Whistle blowers have suffered appalling treatment at the hands of their employers and the corporate regulator.

Labor believes that the only way to improve the culture in our banks is a Royal Commission.

Malcolm Turnbull’s approach of requiring the bank executives to come to Canberra once a year falls far short of what is required.  The idea that a once a year appearance at a House of Representatives Economics Committee being run by the Liberal Party will change banking culture is ridiculous.   

Labor believes that there have been too many scandals affecting too many people.  We will continue to advocate for a Royal Commission. 

A Royal Commission into the banking and financial services industry could examine issues including:

• How widespread instances of illegal and unethical behaviour are within Australia’s financial services industry.

• How Australia’s financial services institutions treat their duty of care to their customers.

• How the culture, ethical standards and business structures of Australian financial services institutions affect the behaviour of these institutions.

• Whether Australia’s regulators are really equipped to identify and prevent illegal and unethical behaviour.

• Comparable international experience with similar financial services industry misconduct and best practice responses to those incidents; and other events that may emerge over the course of investigating the above.

There are Members of Parliament in both the Liberal and National Parties who are fed up with hard-working people in their communities getting ripped off.  Malcolm Turnbull should listen to these MPs and the concerns of the Australian community and set up a Royal Commission.  Instead, he wants to give banks a $7 billion tax cut.

Labor is the only party that will stand up for victims and whistleblowers, and take on the big banks and the financial services industry for the way they have treated customers.

Thanks again for your email.



The Hon. Matt Thistlethwaite MP

Shadow Assistant Minister for Treasury

Member for Kingsford Smith

VOFF submission regarding the Superannuation (Objective) Bill 2016

A Bill for an Act relating to the primary objective of the superannuation system and the subsidiary objectives of the superannuation system, and for related purposes.

Submission available at: