No further Government compensation for Trio Collapse

The Government has announced that it will be providing no further compensation resulting from the collapse of Trio Capital, including for SMSF investors. Minister for Small Business and Assistant Treasurer, Kelly O’Dwyer, said in a statement that two groups of investors had been advised there would be no further Government compensation. The statement says neither of… Continue reading No further Government compensation for Trio Collapse

SMSFs can’t access the Superannuation Compensation Scheme

Large profile financial collapses have brought to wider attention what would otherwise be a little known fact – there is a Superannuation Compensation Scheme, but it is not available to SMSFs. The Federal Government is empowered to compensate super funds for losses as a result of fraud or theft under Part 23 of the Superannuation… Continue reading SMSFs can’t access the Superannuation Compensation Scheme

FSI Submissions – SMSF Compensation Scheme

The Financial System Inquiry (the Murray Inquiry) has begun to release the submissions received, so far several have made recommendations in support of a SMSF Compensation Scheme. Westpac Bank, in its submission,  supports consideration of a legislative SMSF compensation scheme – provided it was confined to fraud and theft. Westpac is concerned that there are ‘questions about… Continue reading FSI Submissions – SMSF Compensation Scheme