Did the Bank Royal Commissioner ask what had been the role of the various state & federal government superannuation schemes in their possible association with Mr Doyle in attempting to encourage teachers and public servants to get out of the costly defined benefit schemes ? Was the Futures Fund involved which manages $140 billion approx plus another $140 billion of unfunded liabilities? Who wanted to encourage teachers and Public servants to get out of the best cpi adjusted defined benefit schemes? Was the Federal Treasurer or his staff involved? These are the questions I might have asked? Anyone know if these questions were asked?
The RC stated that the ANZ allowed Mr Doyle to continue, hoping a buyer could be found to take over the business and sort out client remediation
In addition to breaches of the Corporations Act, Ms Orr said Mr Doyle had shifted clients out of safe defined-superannuation schemes into riskier and complex "structured' investment products linked to the stock market.
Most of these clients were teachers and public servants.
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