We’re not sure, so you tell me if we’ve misunderstood – is that how it’s disclosed, or is it disclosed in some other way?No, I believe it’s disclosed in a separate – separate section. Okay?I believe it’s in the product – product Oh, it’s not in the product disclosure statement?No. Okay. But if you then – if a member – I’m sorry. I tender the product disclosure statement. THE COMMISSIONER: Suncorp Everyday PDS 13 February ’18, SUN.1504.0001.3195, exhibit 5.168. EXHIBIT #5.168 SUNCORP EVERYDAY SUPER PDS, SUN.1504.0001.3195 DATED 13/02/2018 MR HODGE: If we bring up SUN.1504.0001.3211. You’ve got a copy of the document there, Mr Pinto. No, no, I mean you’re looking at the document?I’m looking at the Suncorp Brighter Super product guide. Could I – I think you’ve got another one there. Just so we can follow it over, can you look at the Suncorp Everyday Super product guide. I think you should have that as well. You’re not sure?Which tab is it? I will wait for your solicitors to tell you. But if we bring up on the screen SUN.1504.0001.3211. I think you’ve got – if you look at tab 24, you’ve got a product disclosure for a different product which is the Choice product, but I’m told they’re in identical terms. And if you go to page 29 of your document. The pages are different. I will – we’ve got a spare copy – or my friend has a spare copy for you, Mr Pinto, of the Everyday Super reference guide. Hopefully that will come up on the screen shortly. And, Commissioner, Mr Kirk has kindly offered one to you. THE COMMISSIONER: you. MR HODGE: So this is the Suncorp Everyday Super guide. It’s – I think it’s in total 59 pages long?Yes. And if you go to page 29 of that document. In the second column of text on that page, an underlined heading which is Expense Recovery and Reserves?Yes. And it says:
But it must have been what you intended because that’s what you’re telling the financial advisers: Over the past year, we’ve worked hard to contact investors with an ADA account via an extensive email, mail, and direct call-out campaign to ask that they confirm their investment direction. ?And the driver for that was that we – we believed that people had made – or with their advisers, needed to consider which investment direction that they wanted, to stay where they were or to move to MySuper. I see. You thought this prompt them to then talk ?Yes. to advisers. I tender that document, Commissioner. THE COMMISSIONER: Email between CFSL and financial planner 6 July ’16 concerning CFS update transfer ADA accounts, CBA.0001.0459.1788, exhibit 5.201. EXHIBIT #5.201 EMAIL BETWEEN CFSL AND FINANCIAL PLANNER CONCERNING CFS UPDATE TRANSFER ADA ACCOUNTS DATED 06/04/2016 (CBA.0001.0459.1788) MR And actually, just before we bring that down, if we look down about of the way down the page, you see the heading What Can Advisers Do?Yes. And it’s said: Advisers can assist any of their impacted clients by contacting them and asking them to confirm their investment direction using the relevant form. ?Yes. And do you say that means something different from this, which is advisers ought to contact their clients who have ADAs and get an investment direction from them to avoid the ADAs transitioning to MySuper?Well, it wasn’t to avoid it. It was if the – if they’ve agreed that that wasn’t what they wanted to do. But there’s no information that is provided?No, I do accept that. I agree. And the only reason, can I suggest, why you would not provide the information is because the information as to whether the member is or is not better off in moving to MySuper is irrelevant?No, I don’t agree that it’s irrelevant, but I do agree it should have been provided.
THE COMMISSIONER: Changes to FirstChoice grandfathered accounts sample adviser CBA.0001.0457.0254, exhibit 5.213. Tell me when you get to a convenient point, Mr Hodge. EXHIBIT #5.213 CHANGES TO FIRSTCHOICE GRANDFATHERED ACCOUNTS SAMPLE ADVISER EMAIL (CBA.0001.0457.0254) MR HODGE: I think – I think that’s a convenient point, I say as I choke, Commissioner. THE COMMISSIONER: Well, if I’ve choked counsel, it is time to call it a day. 9.30 tomorrow. MR HODGE: Thank you, Commissioner. THE COMMISSIONER: Can I ask you to be back at 9.30 tomorrow, please, Ms Elkins. <THE WITNESS WITHDREW [4.23 pm] MATTER ADJOURNED at 4.23 pm UNTIL WEDNESDAY, 15 AUGUST 2018
EXHIBIT #5.193 LETTER, COLONIAL STATE TO APRA DATED 08/07/2016 (CBA.0001.0451.1377) P-4896 EXHIBIT #5.194 COLONIAL FIRST STATE TO APRA CONCERNING SECTION 29WA UPDATE NUMBER 19 DATED 01/09/2016 (CBA.0001.0451.1855) P-4896 EXHIBIT #5.195 EMAIL, APRA TO COLONIAL FIRST STATE CONCERNING SECTION 29WA UPDATE NUMBER 24 DATED 21/09/2017 (CBA.0001.0451.2600) P-4897 EXHIBIT #5.196 PAPER CONCERNING COLONIAL FIRST STATE BUSINESS PLAN DATED 02/02/2016 (CBA.1004.0024.4914) P-4898 EXHIBIT #5.197 BOARD PACK FOR COLONIAL FIRST STATE INVESTMENTS LIMITED (CBA.1004.0020.1247) DATED 30/04/2014 P-4902 EXHIBIT #5.198 EMAIL, COLONIAL FIRST STATE TO APRA DATED 04/07/2014 (CBA.0001.0451.0267) P-4905 EXHIBIT #5.199 EMAILS BETWEEN MICALLEF AND WILLIAMS CONCERNING ACCRUED DEFAULT AMOUNTS DATED 01/05/2015 (CBA.0001.0457.0095) P-4906 EXHIBIT #5.200 EMAIL, MR MICALLEF AND BENNETT CONCERNING MYSUPER ACCOUNTS DATED 29/09/2015 (CBA.0001.0452.1313) P-4907 EXHIBIT #5.201 EMAIL BETWEEN CFSL AND FINANCIAL PLANNER CONCERNING CFS UPDATE TRANSFER ADA ACCOUNTS DATED 06/04/2016 (CBA.0001.0459.1788) P-4909 EXHIBIT #5.202 EMAIL CFSL TO FINANCIAL PLANNER (CBA.0001.0459.1839) DATED 16/09/2016 P-4911 EXHIBIT #5.203 CALL SCRIPT OUTBOUND CALL GUIDE ADA COMPAIGN (CBA.0001.0179.0817) P-4913 EXHIBIT #5.204 TEMPLATE LETTER CFSL TO MEMBERS (CBA.0001.0436.5386) DATED 29/04/2016 P-4914 EXHIBIT #5.205 EMAILS BETWEEN JANUARY – MARCH 2018, JIOPLING, TULLY AND OTHERS, CONCERNING MIF MER QUESTIONS (CBA.0001.0457.3454) P-4917
EXHIBIT #5.206 EMAILS BETWEEN JOPLING AND TULLY, MARCH – MAY 2018 (CBA.0001.0457.4183) P-4917 EXHIBIT #5.207 EMAILS BETWEEN SWETLAND-BUSUTTIL, TULLY AND OTHERS (CBA.0001.0457.3756) P-4918 EXHIBIT #5.208 EMAILS RUBINSTEIN, ELKINS AND OTHERS RE SUMMARY OF CANBERRA MEEETING (CBA.0001.0446.0022) DATED 13/02/2015 P-4921 EXHIBIT #5.209 REVIEW OF GRANDFATHERING TO PENSION (CBA.0001.0449.0019) DATED 10/02/2015 P-4922 EXHIBIT #5.210 LETTER CBA TO COMMISSIONER TANZER OF ASIC (CBA.0001.0456.0953) DATED 29/05/2015 P-4924 EXHIBIT #5.211 LETTER ASIC TO CBA (CBA.0001.0456.1399) DATED 22/07/2015 P-4925 EXHIBIT #5.212 EMAIL RUSSELL TO RUBINSZTEIN AND OTHERS DATED 25/10/2013 (CBA.0001.0446.0003) P-4927 EXHIBIT #5.213 CHANGES TO FIRSTCHOICE GRANDFATHERED ACCOUNTS SAMPLE ADVISER EMAIL (CBA.0001.0457.0254) P-4929