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.
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.
transcript-14-august-2018.docx