Nick Sherry (Tasmania, Australian Labor Party, Shadow Minister for Banking and Financial Services) Share this | Hansard source

My question is to Senator Coonan, the Minister representing the Assistant Treasurer. I refer to the Westpoint financial scandal, in which thousands of elderly Australians have lost up to $400 million of their superannuation retirement savings. Is the minister aware of the revelations on last night’s ABC Four Corners program that a Mr Richard Beck earned $9.2 million in commissions for enticing elderly Australians into Westpoint investment entities? Further, is the minister aware that the receiver, Mr Mark Korda, has identified that financial planners associated with Westpoint made more than $50 million in commissions? When is the government going to toughen regulation of commission based selling to protect Australian superannuation from Westpoint type rip-offs?