Fletcher welcomes Parliamentary inquiry into collapse of Trio Capital

Paul Fletcher, Federal Member for Bradfield, welcomed the announcement today of an inquiry into the collapse of Trio Capital by the Joint Parliamentary Committee on Corporations and Financial Services.

“I am very pleased that the Committee, of which I am a member, will investigate a broad range of issues surrounding the collapse.

“The collapse of Trio Capital saw investors lose over $100 million.   This includes losses by many Australians of their entire superannuation savings.

“Those who lost funds in APRA regulated superannuation funds have received full compensation of a total of $55 million for their losses via a legislative compensation scheme.

“However, access to this scheme is not available to those who invested through self-managed superannuation funds.  Over $50 million was lost by self-managed superannuation fund investors – with the average loss per fund of around $700,000.

“A number of my constituents in Bradfield have lost their life savings, and are facing very significant economic hardship, as well as emotional distress.

“Amongst the issues that the inquiry will examine are:  the role of ASIC in pursuing those responsible, and whether there are adequate protections against fraud for those who invest through self-managed superannuation funds as opposed to other investment vehicles”, Mr Fletcher said.

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