Dear Prime Minister,
ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY
Call to include the Commonwealth Superannuation Corporation
The Alliance of Defence Service Organisations and the Returned & Services League of Australia, on behalf of 230,000 serving and former Australian Defence Force men and women, and their families, whose superannuation is managed by the Commonwealth Superannuation Corporation (CSC) cordially pose you the question:
“Why is the Commonwealth Superannuation Corporation excluded from the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry”?
CSC is the only significant superannuation entity in Australia to avoid examination with the Government claiming that it is “not only already well-regulated but is also subject to greater scrutiny and accountability than other funds by Acts of Parliament, by the Australian National Audit Office, and through oversight by a Senate Estimates process”.
Those very same ‘well-regulated’ claims were initially made as arguments against holding a Banking Royal Commission. What has transpired at recent Commission hearings starkly exposed the inability of established regulators to deal with misconduct. No misconduct is necessarily implied against CSC but what possible confidence could anyone now have that the very same or similar inability to properly scrutinise should not apply to CSC’s regulators as well.
Simply put, the veterans’ community is not convinced of assurances that CSC is as well oversighted and regulated as has been the claim thus far. As an example, if CSC always acts in the best interests of its members, what could have driven legal proceedings, self-funded by disabled individual exservice personnel as recently as last week, seeking redress for claimed unfairness and injustices.
The Royal Commission’s Terms of Reference say: “All Australians have the right to be treated honestly and fairly in their dealings with…. superannuation…. providers.”
The Defence Family of 230,000 service men and women, serving and retired, and those they leave behind, are also Australians. Why is their superannuation provider excluded from Royal Commission scrutiny? Why deny the Defence Family an equal voice in making submissions to the Royal Commission?
We urge you to include the Commonwealth Superannuation Corporation in the Royal Commission’s Terms of Reference without further delay. Fairness demands nothing less!
Kel Ryan Robert Dick
National Spokesman National President
Alliance of Defence Service Organisations RSL Australia
Mobile: 0418 759 120 Mobile: 0448 889 848
Phone: (02) 6265 9530 Email: [email protected] ABN: 49 929 713 439
RSL & ADSO Comments
The Open Letter has been sent to the PM and all Federal Parliamentarians, the Defence Family network and national media outlets.
The ALP has announced its support for our request here.
We ask your support for the CSC to be included in the Royal Commission by calling the PM (both his electorate office (02) 9327 3988 and parliamentary office (02) 6277 7700) and your local Federal member at their electorate office (details at www.aph.gov.au/Senators_and_Members , ideally before Parliament resumes next week 18th June or during the Parliament sittings (18 – 21 June and 25 – 28 June)
Thank you Australia.