There would be a number of Trustee Company Trust Managers, Trust Officers & Trust Company Directors around Australia who might know a great deal more about the failings of the system and no one has invited any of them to the Royal Commission as far as I am aware of.
I have attempted to contact ASIC staff a number of times about ASIC responsibilities under the Act and none of the staff I spoken to knew anything about it or anyone in their ASIC dept who knew anything about it and no one could refer me to any department which knew about it and no one ever called me back. Dead end every time.
I worked for the company whose Trustee Company arm attempted to protect the investment savings of Universal Flexible Trusts holders against the actions of the Late Alan Bond.
There is also every possibility that some Trustees did not carry out their fiduciary duties as they should have done because of the possible incentives against serving the trust beneficiaries because of the potential fees loss would have on the bottom line of Trustee Companies. I'm not saying there has been any illegality but Auditing staff could easily be made ignorant of matters which they should be made aware of what to look for. There are so many "tricks" possible to hide fraud to benefit fee earning for their companies unless they were all impeccably honest and it's unlikely anyone could believe that now after AMP revelations. Does CBA have .trustee company arm?
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