Government must honour Trio compensation commitment

Today Member for Throsby Stephen Jones called on the Abbott Government to honour their pre-election commitment to the victims of the Trio Capital fraud

In May last year, then Shadow Finance and Superannuation Minister Mathias Cormann said that, “there would be some justification for a level of compensation” for the victims in the Trio Capital case.

Senator Cormann also said there were “a series of unique circumstances” in the Trio Capital case which could allow the Government to do more for victims.

“It has been 382 days since the election, and even longer since the Finance Minister made these commitments and still nothing has been done for the victims”, said Jones.

“What’s worse is that this very same Minister is now in Government trying to wind-back the Future of Financial Advice reforms that Labor introduced to protect investors in the wake of the $176 million Trio fraud – the largest in Australia’s history.

“In Parliament today I demanded the Finance Minister honour the commitment that he gave to electors across the region last year that he would provide compensation for victims that was in his words ‘justified’.”

“I also called upon the Abbott Government to heed the advice of the experts in the industry who are overwhelmingly demanding the watering-down of the Future of Financial Advice reforms be ditched as a matter of urgency.”