Sarah Abood
“The FAAA is deeply disappointed that the Senate Economics References Committee has recommended that the Inquiry into wealth management companies not continue.
“This important Inquiry was launched in September last year, to investigate the collapse of wealth management companies (such as Dixon Advisory), and the implications for the sustainability of the Compensation Scheme of Last Resort (CSLR).
“The decision to end the Inquiry seems extraordinary, particularly in the light of recent news about the collapse of Shield and First Guardian, potentially involving over $1 billion in consumer losses from their super.
“This scandal makes it clear that the issues the Inquiry was investigating are not resolved, and that the misdeeds at Dixon Advisory are not an isolated case. It betrays the victims, and all consumers, who have put their faith in the government to fully investigate these collapses so we can understand how they happened, and what can be done to prevent them in the future.
“We call on all members of parliament to support the reinstatement of this critical Inquiry, with an extended remit to include the collapse of Shield and First Guardian.
“We owe it to the victims not to walk away from this.”
By Sarah Abood, CEO