Business News

Government denies Trio compensation

The government has announced it will not be providing further compensation to two groups of investors in the collapsed Trio Capital.

In a statement to media Assistant Treasurer Kelly O’Dwyer said the government had concluded that ASIC and APRA had carried out their roles and responsibilities appropriately in regards to the group’s collapse.

So no further compensation would be offered to the groups, who are made up of direct investors and self managed superannuation fund trustees, and are therefore not covered under the Superannuation Industry (Supervision) Act 1993 (SIS Act).

O’Dwyer said a third group of investors had also been advised that the government could not consider compensating them under the SIS Act as no application for compensation had yet been made by the trustee of their super fund.

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