❓ The WA Government outlines initiatives taken since February to assist victims of mortgagee investment scams, including legal aid, document access, funding for support services, tax liaison, and liquidator funding for recovery actions. They also commit to a non-adversarial approach should the State be found liable.
AnsweredQoN 786Legislative Council
QuestionView source ↗
What initiatives, if any, has the Government taken since February to assist victims of mortgagee investment scams? Hon N.D. GRIFFITHS
AnswerView source ↗
I thank the member for some notice of this question. The State Government made a commitment to fund investors’ legal actions in appropriate cases to recover losses. To meet that commitment, processes for providing financial assistance through Legal Aid WA have been established. Applications in the initial round have now been assessed and legal aid has been granted. I refer the member to the ministerial statement of the Minister for Consumer and Employment Protection on 23 October for further details. In line with its pre-election commitment, the Government is in the process of providing the legal representatives of investors with access to various documents held on the files of the Finance Brokers Supervisory Board and the Department of Consumer Protection. A large number of documents have been made available already, and access to the remainder is currently being finalised. The Government has continued to fund the Mortgage Information Service, which provides practical assistance and support to investors involved in defaulting mortgage investments. The Government has also continued to provide funding beyond the original time frame for supervisors to conclude on behalf of the investors the outstanding business of specific failed finance brokers. The State Government has assisted in the formation of a joint state-federal liaison committee to address the taxation issues of the investors. The committee comprises representatives of the Australian Taxation Office, the Finance Brokers Supervisory Board and the Mortgage Information Service. Among other things it is examining whether it is appropriate to develop a specific class ruling for these investors. In the absence of commonwealth or other funding, the State Government has provided funding for liquidators to carry out certain recovery actions which, if successful, could assist investors to maximise the return of their investments. This funding has allowed the liquidator of Grubb Finance to commence action against the St George Bank and the auditors of Graeme Grubb Finance Pty Ltd, and has enabled the liquidator to undertake recovery action against the former directors of Global Finance Group Pty Ltd, Mr and Mrs Margaria. In addition, should the State be found liable for the losses, the Government will uphold its pre-election commitment to adopt a non-adversarial approach to meeting its obligations.
Hon N.D. GRIFFITHS replied: I thank the member for some notice of this question. The State Government made a commitment to fund investors’ legal actions in appropriate cases to recover losses. To meet that commitment, processes for providing financial assistance through Legal Aid WA have been established. Applications in the initial round have now been assessed and legal aid has been granted. I refer the member to the ministerial statement of the Minister for Consumer and Employment Protection on 23 October for further details. In line with its pre-election commitment, the Government is in the process of providing the legal representatives of investors with access to various documents held on the files of the Finance Brokers Supervisory Board and the Department of Consumer Protection. A large number of documents have been made available already, and access to the remainder is currently being finalised. The Government has continued to fund the Mortgage Information Service, which provides practical assistance and support to investors involved in defaulting mortgage investments. The Government has also continued to provide funding beyond the original time frame for supervisors to conclude on behalf of the investors the outstanding business of specific failed finance brokers. The State Government has assisted in the formation of a joint state-federal liaison committee to address the taxation issues of the investors. The committee comprises representatives of the Australian Taxation Office, the Finance Brokers Supervisory Board and the Mortgage Information Service. Among other things it is examining whether it is appropriate to develop a specific class ruling for these investors. In the absence of commonwealth or other funding, the State Government has provided funding for liquidators to carry out certain recovery actions which, if successful, could assist investors to maximise the return of their investments. This funding has allowed the liquidator of Grubb Finance to commence action against the St George Bank and the auditors of Graeme Grubb Finance Pty Ltd, and has enabled the liquidator to undertake recovery action against the former directors of Global Finance Group Pty Ltd, Mr and Mrs Margaria. In addition, should the State be found liable for the losses, the Government will uphold its pre-election commitment to adopt a non-adversarial approach to meeting its obligations.
I thank the member for some notice of this question. The State Government made a commitment to fund investors’ legal actions in appropriate cases to recover losses. To meet that commitment, processes for providing financial assistance through Legal Aid WA have been established. Applications in the initial round have now been assessed and legal aid has been granted. I refer the member to the ministerial statement of the Minister for Consumer and Employment Protection on 23 October for further details. In line with its pre-election commitment, the Government is in the process of providing the legal representatives of investors with access to various documents held on the files of the Finance Brokers Supervisory Board and the Department of Consumer Protection. A large number of documents have been made available already, and access to the remainder is currently being finalised. The Government has continued to fund the Mortgage Information Service, which provides practical assistance and support to investors involved in defaulting mortgage investments. The Government has also continued to provide funding beyond the original time frame for supervisors to conclude on behalf of the investors the outstanding business of specific failed finance brokers. The State Government has assisted in the formation of a joint state-federal liaison committee to address the taxation issues of the investors. The committee comprises representatives of the Australian Taxation Office, the Finance Brokers Supervisory Board and the Mortgage Information Service. Among other things it is examining whether it is appropriate to develop a specific class ruling for these investors. In the absence of commonwealth or other funding, the State Government has provided funding for liquidators to carry out certain recovery actions which, if successful, could assist investors to maximise the return of their investments. This funding has allowed the liquidator of Grubb Finance to commence action against the St George Bank and the auditors of Graeme Grubb Finance Pty Ltd, and has enabled the liquidator to undertake recovery action against the former directors of Global Finance Group Pty Ltd, Mr and Mrs Margaria. In addition, should the State be found liable for the losses, the Government will uphold its pre-election commitment to adopt a non-adversarial approach to meeting its obligations.
The State Government made a commitment to fund investors’ legal actions in appropriate cases to recover losses. To meet that commitment, processes for providing financial assistance through Legal Aid WA have been established. Applications in the initial round have now been assessed and legal aid has been granted. I refer the member to the ministerial statement of the Minister for Consumer and Employment Protection on 23 October for further details. In line with its pre-election commitment, the Government is in the process of providing the legal representatives of investors with access to various documents held on the files of the Finance Brokers Supervisory Board and the Department of Consumer Protection. A large number of documents have been made available already, and access to the remainder is currently being finalised. The Government has continued to fund the Mortgage Information Service, which provides practical assistance and support to investors involved in defaulting mortgage investments. The Government has also continued to provide funding beyond the original time frame for supervisors to conclude on behalf of the investors the outstanding business of specific failed finance brokers. The State Government has assisted in the formation of a joint state-federal liaison committee to address the taxation issues of the investors. The committee comprises representatives of the Australian Taxation Office, the Finance Brokers Supervisory Board and the Mortgage Information Service. Among other things it is examining whether it is appropriate to develop a specific class ruling for these investors. In the absence of commonwealth or other funding, the State Government has provided funding for liquidators to carry out certain recovery actions which, if successful, could assist investors to maximise the return of their investments. This funding has allowed the liquidator of Grubb Finance to commence action against the St George Bank and the auditors of Graeme Grubb Finance Pty Ltd, and has enabled the liquidator to undertake recovery action against the former directors of Global Finance Group Pty Ltd, Mr and Mrs Margaria. In addition, should the State be found liable for the losses, the Government will uphold its pre-election commitment to adopt a non-adversarial approach to meeting its obligations.
In line with its pre-election commitment, the Government is in the process of providing the legal representatives of investors with access to various documents held on the files of the Finance Brokers Supervisory Board and the Department of Consumer Protection. A large number of documents have been made available already, and access to the remainder is currently being finalised. The Government has continued to fund the Mortgage Information Service, which provides practical assistance and support to investors involved in defaulting mortgage investments. The Government has also continued to provide funding beyond the original time frame for supervisors to conclude on behalf of the investors the outstanding business of specific failed finance brokers. The State Government has assisted in the formation of a joint state-federal liaison committee to address the taxation issues of the investors. The committee comprises representatives of the Australian Taxation Office, the Finance Brokers Supervisory Board and the Mortgage Information Service. Among other things it is examining whether it is appropriate to develop a specific class ruling for these investors. In the absence of commonwealth or other funding, the State Government has provided funding for liquidators to carry out certain recovery actions which, if successful, could assist investors to maximise the return of their investments. This funding has allowed the liquidator of Grubb Finance to commence action against the St George Bank and the auditors of Graeme Grubb Finance Pty Ltd, and has enabled the liquidator to undertake recovery action against the former directors of Global Finance Group Pty Ltd, Mr and Mrs Margaria. In addition, should the State be found liable for the losses, the Government will uphold its pre-election commitment to adopt a non-adversarial approach to meeting its obligations.
In the absence of commonwealth or other funding, the State Government has provided funding for liquidators to carry out certain recovery actions which, if successful, could assist investors to maximise the return of their investments. This funding has allowed the liquidator of Grubb Finance to commence action against the St George Bank and the auditors of Graeme Grubb Finance Pty Ltd, and has enabled the liquidator to undertake recovery action against the former directors of Global Finance Group Pty Ltd, Mr and Mrs Margaria. In addition, should the State be found liable for the losses, the Government will uphold its pre-election commitment to adopt a non-adversarial approach to meeting its obligations.
In addition, should the State be found liable for the losses, the Government will uphold its pre-election commitment to adopt a non-adversarial approach to meeting its obligations.
Hon N.D. GRIFFITHS replied: I thank the member for some notice of this question. The State Government made a commitment to fund investors’ legal actions in appropriate cases to recover losses. To meet that commitment, processes for providing financial assistance through Legal Aid WA have been established. Applications in the initial round have now been assessed and legal aid has been granted. I refer the member to the ministerial statement of the Minister for Consumer and Employment Protection on 23 October for further details. In line with its pre-election commitment, the Government is in the process of providing the legal representatives of investors with access to various documents held on the files of the Finance Brokers Supervisory Board and the Department of Consumer Protection. A large number of documents have been made available already, and access to the remainder is currently being finalised. The Government has continued to fund the Mortgage Information Service, which provides practical assistance and support to investors involved in defaulting mortgage investments. The Government has also continued to provide funding beyond the original time frame for supervisors to conclude on behalf of the investors the outstanding business of specific failed finance brokers. The State Government has assisted in the formation of a joint state-federal liaison committee to address the taxation issues of the investors. The committee comprises representatives of the Australian Taxation Office, the Finance Brokers Supervisory Board and the Mortgage Information Service. Among other things it is examining whether it is appropriate to develop a specific class ruling for these investors. In the absence of commonwealth or other funding, the State Government has provided funding for liquidators to carry out certain recovery actions which, if successful, could assist investors to maximise the return of their investments. This funding has allowed the liquidator of Grubb Finance to commence action against the St George Bank and the auditors of Graeme Grubb Finance Pty Ltd, and has enabled the liquidator to undertake recovery action against the former directors of Global Finance Group Pty Ltd, Mr and Mrs Margaria. In addition, should the State be found liable for the losses, the Government will uphold its pre-election commitment to adopt a non-adversarial approach to meeting its obligations.
I thank the member for some notice of this question. The State Government made a commitment to fund investors’ legal actions in appropriate cases to recover losses. To meet that commitment, processes for providing financial assistance through Legal Aid WA have been established. Applications in the initial round have now been assessed and legal aid has been granted. I refer the member to the ministerial statement of the Minister for Consumer and Employment Protection on 23 October for further details. In line with its pre-election commitment, the Government is in the process of providing the legal representatives of investors with access to various documents held on the files of the Finance Brokers Supervisory Board and the Department of Consumer Protection. A large number of documents have been made available already, and access to the remainder is currently being finalised. The Government has continued to fund the Mortgage Information Service, which provides practical assistance and support to investors involved in defaulting mortgage investments. The Government has also continued to provide funding beyond the original time frame for supervisors to conclude on behalf of the investors the outstanding business of specific failed finance brokers. The State Government has assisted in the formation of a joint state-federal liaison committee to address the taxation issues of the investors. The committee comprises representatives of the Australian Taxation Office, the Finance Brokers Supervisory Board and the Mortgage Information Service. Among other things it is examining whether it is appropriate to develop a specific class ruling for these investors. In the absence of commonwealth or other funding, the State Government has provided funding for liquidators to carry out certain recovery actions which, if successful, could assist investors to maximise the return of their investments. This funding has allowed the liquidator of Grubb Finance to commence action against the St George Bank and the auditors of Graeme Grubb Finance Pty Ltd, and has enabled the liquidator to undertake recovery action against the former directors of Global Finance Group Pty Ltd, Mr and Mrs Margaria. In addition, should the State be found liable for the losses, the Government will uphold its pre-election commitment to adopt a non-adversarial approach to meeting its obligations.
The State Government made a commitment to fund investors’ legal actions in appropriate cases to recover losses. To meet that commitment, processes for providing financial assistance through Legal Aid WA have been established. Applications in the initial round have now been assessed and legal aid has been granted. I refer the member to the ministerial statement of the Minister for Consumer and Employment Protection on 23 October for further details. In line with its pre-election commitment, the Government is in the process of providing the legal representatives of investors with access to various documents held on the files of the Finance Brokers Supervisory Board and the Department of Consumer Protection. A large number of documents have been made available already, and access to the remainder is currently being finalised. The Government has continued to fund the Mortgage Information Service, which provides practical assistance and support to investors involved in defaulting mortgage investments. The Government has also continued to provide funding beyond the original time frame for supervisors to conclude on behalf of the investors the outstanding business of specific failed finance brokers. The State Government has assisted in the formation of a joint state-federal liaison committee to address the taxation issues of the investors. The committee comprises representatives of the Australian Taxation Office, the Finance Brokers Supervisory Board and the Mortgage Information Service. Among other things it is examining whether it is appropriate to develop a specific class ruling for these investors. In the absence of commonwealth or other funding, the State Government has provided funding for liquidators to carry out certain recovery actions which, if successful, could assist investors to maximise the return of their investments. This funding has allowed the liquidator of Grubb Finance to commence action against the St George Bank and the auditors of Graeme Grubb Finance Pty Ltd, and has enabled the liquidator to undertake recovery action against the former directors of Global Finance Group Pty Ltd, Mr and Mrs Margaria. In addition, should the State be found liable for the losses, the Government will uphold its pre-election commitment to adopt a non-adversarial approach to meeting its obligations.
In line with its pre-election commitment, the Government is in the process of providing the legal representatives of investors with access to various documents held on the files of the Finance Brokers Supervisory Board and the Department of Consumer Protection. A large number of documents have been made available already, and access to the remainder is currently being finalised. The Government has continued to fund the Mortgage Information Service, which provides practical assistance and support to investors involved in defaulting mortgage investments. The Government has also continued to provide funding beyond the original time frame for supervisors to conclude on behalf of the investors the outstanding business of specific failed finance brokers. The State Government has assisted in the formation of a joint state-federal liaison committee to address the taxation issues of the investors. The committee comprises representatives of the Australian Taxation Office, the Finance Brokers Supervisory Board and the Mortgage Information Service. Among other things it is examining whether it is appropriate to develop a specific class ruling for these investors. In the absence of commonwealth or other funding, the State Government has provided funding for liquidators to carry out certain recovery actions which, if successful, could assist investors to maximise the return of their investments. This funding has allowed the liquidator of Grubb Finance to commence action against the St George Bank and the auditors of Graeme Grubb Finance Pty Ltd, and has enabled the liquidator to undertake recovery action against the former directors of Global Finance Group Pty Ltd, Mr and Mrs Margaria. In addition, should the State be found liable for the losses, the Government will uphold its pre-election commitment to adopt a non-adversarial approach to meeting its obligations.
In the absence of commonwealth or other funding, the State Government has provided funding for liquidators to carry out certain recovery actions which, if successful, could assist investors to maximise the return of their investments. This funding has allowed the liquidator of Grubb Finance to commence action against the St George Bank and the auditors of Graeme Grubb Finance Pty Ltd, and has enabled the liquidator to undertake recovery action against the former directors of Global Finance Group Pty Ltd, Mr and Mrs Margaria. In addition, should the State be found liable for the losses, the Government will uphold its pre-election commitment to adopt a non-adversarial approach to meeting its obligations.
In addition, should the State be found liable for the losses, the Government will uphold its pre-election commitment to adopt a non-adversarial approach to meeting its obligations.
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