The Greens spokesperson for Consumer Affairs, Competition Policy and Small Business, Senator Peter Whish-Wilson provides the following comments about today’s explosive hearing into Managed Investment Schemes (MIS) held at Melbourne Town Hall.
Senator Whish-Wilson said, “Never before have I seen so many people turn up and watch a Senate Inquiry public hearing. Today alone justifies the efforts by the Greens to instigate this inquiry.
“I want to thank all the victims of the Timbercorp collapse who braved the Inquiry to give their heart-wrenching evidence.
“Today we were told that Timbercorp executives were aware of the trouble they were in, yet they continued to sell their products, and that financial advisers raked in the sales commissions right until the dying days of the ultimate collapse.
“Today is just the beginning. We have only just begun to lift the lid on the systemic failures and misconduct evident in the collapse of dodgy MIS schemes. There are so many more the inquiry will need to assess.
“Other than Timbercorp, there is also Gunns, FEA and Great Southern to name just a few. I am going to continue to push for this Inquiry to have hearings in Tasmania where the impacts of these schemes are widely felt.
“Eventually the Inquiry will also look at the wider economic and social impacts of MIS and dig deep into the chain of policy failures that led us here. This Inquiry has a long, long way to run,” he concluded.