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

Mr President, I ask a supplementary question. My question actually went to the issue of outrageous commissions that were being charged in respect of these products and, in some cases, other superannuation products, which the minister did not address. Is the minister also aware that another principal of Westpoint, a Mr Norman Carey, has established a new financial investment company called Ferntree, with ex-Westpoint employees and owned by Mr Carey’s relatives? What action, if any, has ASIC taken to shut down this new entity and to prevent more Australians being defrauded of their superannuation savings?