Skip Ribbon Commands
Skip to main content

Question and Answer Tracking Details

3054 - FINANCIAL MISMANAGEMENT BY NSW TRUSTEE AND GUARDIAN

Leong, Jenny to the Attorney General
  1. Has the Attorney General investigated any allegations regarding financial mismanagement by the NSW Trustee and Guardian?
  2. In 2009 and 2010 reports in the Sydney Morning Herald and Daily Telegraph, a spokesperson for the NSW Trustee and Guardian confirmed that clients' money had been 'lost':
    1. Has any action been taken since 2009 to investigate these claims?
    2. Have there been any internal changes made to the NSW Trustee and Guardian to ensure that clients' money will not be lost in the future?
  3. Have there been any internal changes made to the NSW Trustee and Guardian in response to the findings of McDonald V Public Trustee 2010?
  4. Do you have confidence that the NSW Trustee and Guardian is fulfilling its duties competently, ethically and fairly?
Answer -
  1. The NSW Trustee and Guardian (NSWTG) is an independent statutory body. The NSW Ombudsman, the Independent Commission Against Corruption (ICAC) and the Audit Office have the power to investigate the NSWTG. 
  2. The NSWTG's investment funds are dealt with in accordance with the Prudent Person Principle outlined in the Trustee Act 1925.
  3. A full report and response by the NSWTG to the judgment, including actions taken, was sent to ICAC, the Ombudsman and the Audit Office in 2010.
  4. The NSW Ombudsman, the ICAC and the Audit Office have the power to investigate complaints against NSWTG and the NSW Civil & Administrative Tribunal (NCAT) and⁄or the Supreme Court can review decisions made by NSWTG.
Question asked on 5 May 2016 (session 56-1) and printed in Questions & Answers Paper No. 66
Answer received on 8 June 2016 and printed in Questions & Answers Paper No. 73