Did NAB make Misleading Statements to APRA?
Phillip Sweeney made this Freedom of Information request to Australian Prudential Regulation Authority
This request has been closed to new correspondence from the public body. Contact us if you think it ought be re-opened.
Dear Australian Prudential Regulation Authority,
It has been now well documented that AMP made up to 20 misleading statements to ASIC about the extent of its charging customers fees without providing services.
It is now alleged that the National Australia Bank (NAB) made misleading statements to APRA on or around 20 January 2014 concerning the legal status of an occupational pension scheme established by a Trust Deed executed on the 23 December 1913 in the State of South Australia. This occupational pension scheme was once known as the Elders IXL Superannuation Fund.
Superannuation funds are a form of a "trust" and if the founding Trust Deed of the trust does not reserve a Power of Revocation of a Power of Termination then the trust is irrevocable.
The NAB advised APRA on or around 20 January 2014 that the Power of Termination reserved in the Trust Deed executed on the 23 December 1913 had been exercised in accordance with its terms which would then allow the annexed legal obligations to be terminated and the related fund "wound-up".
Based on this advice from NAB, APRA then revoke Fund Registration Number R1004830.
This raises the question of whether NAB made a misleading statement to APRA in a similar manner as did AMP to ASIC?
This allegation will be proven to be false if APRA is in possession of either of the following documents:
(i) An instrument under hand signed by all of the directors of SABMiller plc (a 'successor company' as described by the Elder Smith & Co Ltd Provident Funds Act 1963 (SA)) and signed by all of the lawfully appointed trustees or trustee which would evidence the Power of Termination has been exercised in accordance with its terms; or
(ii) A letter to APRA from PFS Nominees Pty Ltd (a NAB subsidiary company) which advises APRA that such a document exists and is available for inspection by APRA.
The document(s) I seek are copy of either of these documents which would confirm that the National Australia Bank (NAB) did not make a misleading statement to APRA.
Yours faithfully,
Phillip Sweeney
Dear Mr Sweeney,
I acknowledge receipt of your FOI request dated 25 June 2018. We are
processing your request and will respond soon.
Kind regards,
APRA FOI Officer
[1]http://www.apra.gov.au/PublishingImages/...
-----Original Message-----
From: Phillip Sweeney
[mailto:[FOI #4665 email]]
Sent: Monday, 25 June 2018 7:45 PM
To: Freedom of Information <[email address]>
Subject: Freedom of Information request - Did NAB make Misleading
Statements to APRA?
Dear Australian Prudential Regulation Authority,
It has been now well documented that AMP made up to 20 misleading
statements to ASIC about the extent of its charging customers fees without
providing services.
It is now alleged that the National Australia Bank (NAB) made misleading
statements to APRA on or around 20 January 2014 concerning the legal
status of an occupational pension scheme established by a Trust Deed
executed on the 23 December 1913 in the State of South Australia. This
occupational pension scheme was once known as the Elders IXL
Superannuation Fund.
Superannuation funds are a form of a "trust" and if the founding Trust
Deed of the trust does not reserve a Power of Revocation of a Power of
Termination then the trust is irrevocable.
The NAB advised APRA on or around 20 January 2014 that the Power of
Termination reserved in the Trust Deed executed on the 23 December 1913
had been exercised in accordance with its terms which would then allow the
annexed legal obligations to be terminated and the related fund
"wound-up".
Based on this advice from NAB, APRA then revoke Fund Registration Number
R1004830.
This raises the question of whether NAB made a misleading statement to
APRA in a similar manner as did AMP to ASIC?
This allegation will be proven to be false if APRA is in possession of
either of the following documents:
(i) An instrument under hand signed by all of the directors of SABMiller
plc (a 'successor company' as described by the Elder Smith & Co Ltd
Provident Funds Act 1963 (SA)) and signed by all of the lawfully appointed
trustees or trustee which would evidence the Power of Termination has been
exercised in accordance with its terms; or
(ii) A letter to APRA from PFS Nominees Pty Ltd (a NAB subsidiary company)
which advises APRA that such a document exists and is available for
inspection by APRA.
The document(s) I seek are copy of either of these documents which would
confirm that the National Australia Bank (NAB) did not make a misleading
statement to APRA.
Yours faithfully,
Phillip Sweeney
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Dear Mr Sweeney
Please find attached APRA's Notice of Decision dated 24 July 2018.
Kind regards
APRA FOI Officer
-----Original Message-----
From: Phillip Sweeney [mailto:[FOI #4665 email]]
Sent: Monday, 25 June 2018 7:45 PM
To: Freedom of Information <[email address]>
Subject: Freedom of Information request - Did NAB make Misleading Statements to APRA?
Dear Australian Prudential Regulation Authority,
It has been now well documented that AMP made up to 20 misleading statements to ASIC about the extent of its charging customers fees without providing services.
It is now alleged that the National Australia Bank (NAB) made misleading statements to APRA on or around 20 January 2014 concerning the legal status of an occupational pension scheme established by a Trust Deed executed on the 23 December 1913 in the State of South Australia. This occupational pension scheme was once known as the Elders IXL Superannuation Fund.
Superannuation funds are a form of a "trust" and if the founding Trust Deed of the trust does not reserve a Power of Revocation of a Power of Termination then the trust is irrevocable.
The NAB advised APRA on or around 20 January 2014 that the Power of Termination reserved in the Trust Deed executed on the 23 December 1913 had been exercised in accordance with its terms which would then allow the annexed legal obligations to be terminated and the related fund "wound-up".
Based on this advice from NAB, APRA then revoke Fund Registration Number R1004830.
This raises the question of whether NAB made a misleading statement to APRA in a similar manner as did AMP to ASIC?
This allegation will be proven to be false if APRA is in possession of either of the following documents:
(i) An instrument under hand signed by all of the directors of SABMiller plc (a 'successor company' as described by the Elder Smith & Co Ltd Provident Funds Act 1963 (SA)) and signed by all of the lawfully appointed trustees or trustee which would evidence the Power of Termination has been exercised in accordance with its terms; or
(ii) A letter to APRA from PFS Nominees Pty Ltd (a NAB subsidiary company) which advises APRA that such a document exists and is available for inspection by APRA.
The document(s) I seek are copy of either of these documents which would confirm that the National Australia Bank (NAB) did not make a misleading statement to APRA.
Yours faithfully,
Phillip Sweeney
-------------------------------------------------------------------
Please use this email address for all replies to this request:
[FOI #4665 email]
Is [APRA request email] the wrong address for Freedom of Information requests to Australian Prudential Regulation Authority? If so, please contact us using this form:
https://www.righttoknow.org.au/change_re...
This request has been made by an individual using Right to Know. This message and any reply that you make will be published on the internet. More information on how Right to Know works can be found at:
https://www.righttoknow.org.au/help/offi...
If you find this service useful as an FOI officer, please ask your web manager to link to us from your organisation's FOI page.
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________________________________
________________________________
IMPORTANT NOTICE:
This e-mail is intended solely for the person or organisation to whom it is addressed, and may contain secret, confidential or legally privileged information.
If you have received this e-mail in error or are aware that you are not authorised to have it, you MUST NOT use or copy it, or disclose its contents to any person. If you do any of these things, you may be sued or prosecuted.
If you have received this e-mail in error, please contact the sender immediately.
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