Cbus senior adviser, member relationships, Lisa Zanatta was called upon to give evidence before the Royal Commission into Trade Union Governance and Corruption, following allegations that Cbus had leaked confidential membership data to trade union CFMEU to use in an industrial legal battle.
When asked by Counsel Assisting the Royal Commission Jeremy Stoljar SC about the purpose of a trip to Sydney, Ms Zanatta explained – under oath – that she had travelled to attend a meeting of Cbus Property at the industry fund’s George Street offices, which had subsequently been cancelled without notice.
Mr Stoljar put to Ms Zanatta that she had concocted this story and that the real purpose was to provide the leaked data in person to CFMEU state secretary Brian Parker, which she vehemently denied.
However, during further cross-examination – following a short recess in proceedings – Mr Stoljar made the submission a second time:
“Stoljar: I said to you that the evidence you gave to this Commission on your oath a few minutes ago about coming into George Street…was an absolute lie, wasn’t it?
“Zanatta: Correct
“Stoljar: So you gave that evidence knowing it was false?
“Zanatta: I did.
“Stoljar: And you did that to conceal the role that Mr Parker had played in causing you to obtain [confidential] documents; that’s right, isn’t it?
“Zanatta: I did that to protect a number of people.
“Stoljar: One of whom was [CFMEU official Brian] Parker?
“Zanatta: Yes.
“Stoljar: And who were the other people you were protecting?
“Zanatta: Well, Cbus and the CEO [David Atkin].”
Asked whether the false evidence provided suggests a “cover-up”, Ms Zanatta disagreed, explaining her false testimony was about “protecting people”, although admitting that it was an “inappropriate release of personal details”.
Ms Zanatta has twice been a state parliamentary candidate for the Australian Labor Party.
[quote name=”JM”]Compare the pair….[/quote]
I cant my fee calculator doesn’t have a place for Union Kickbacks…
Old Risky….that is about the most concise/accurate assessment yet. Advisers didn’t ask for any of the BS from ISN/CBus, Whitely yet somehow we have to play nicely…get real. Its that fence sitter, lets not upset anyone attitude that brought the profession to where it is today.
The Whitelys of this world have personally insulted and defamed advisers for a decade. That turned cheek is worn thin, and I am not Mandela .
The ISN thought they needed to harness a perceived rival ( the retail funds )by attacking the adviser “inlet point “. We copped the bile ,but its rarely directed to the retail funds. He declared war, backed by our regulator, a friendly Labor government and yes, some stupidity by a small number of advisers.
FOFA was designed by Shorten to slow up the footwork of advisers by burying them in un-needed compliance and give a free kick, in the form of a GENERAL ADVUICE exemption, to the union backed ISN funds. Now we know those funds could not help themselves – paying $75k pa to union-based super liaison officers.
The tragedy is we could all have worked in this space and benefited consumers and complemented each other. While the banks may have a “winner takes all ” mantra, so does the ISN
NO one benefits from all this publicity. Not industry or private sector super. EVERYone loses. Wouldnt it be nice if just for once we could put all the politics aside and put members and clients interest first. Leadership is not about kicking people when they are down and throwning stones. The private sector complains bitterly when the Industry funds focus solely on the negative. Has anyone ever considered the old saying of treat others as you would like to be treated!
It is hard to see how the FPA can be held responsible for the actions of CBUS. The referral relationship was entered into in good faith and for a public interest outcome. Ideologically based hatred for industry super serves no useful purpose and ignores the reality that industry super is a major player. Institutional corruption is not unique to the political left. Having said that, I do look forward to David Whitely’s response to the matter.
Here Here Joe….What really erks me is that the FPA have associated themselves/us with CBus to provide a service that CBus cant provide while simultaneously supporting the denigration of Advisers via their ISA association. You cant have it both ways. Why would you give a hand to someone who has been intent on your destruction. Just plain idiotic…I agree..Give us a break Patrick we are not that thick!!!
Compare the pair….
Patrick – please give me a break and stop trying to paint a positive out of the CBUS arrangement. That is worse than biased and nonsensical and does nothing but further disenfranchise members! If you simply said ‘hey, maybe not the best idea in retrospect but at least we are trying to make things happen’ we’d have some respect, but this white noise and BS coming from the FPA is worse than a political party – and unfortunately that is exactly what the FPA has become under this current leadership, as opposed to a professional body out to protect, lead and assist their members.
All good though, as the AFA makes their CFP equivalent more accessible to experienced planners, it won’t matter how the FPA disembowels or dismantles itself in future years… maybe no members bar a few but you’ll have your ISA chums!
I’m sure it was done solely for the benefit of CBus members. I’ll be interested in the explanation of what those benfits were.
Two months ago on a discussion re the excesses of Labor”s FOFA with my local Labor MHR, I raised the then new allegations in the Royal Commission re TWU super paying wages to TWU officials in WA $75k pa to “promote” TWU super to members of the TWU .
I gave him the ABC PM radio transcript. He claimed no knowledge. He is not a union affiliated MP so he might be telling the truth, but the look on his face was worth the time
Bah Humbug !!!! And strangely the Red Ranger was very very silent
Joe, Sam,
The arrangement between the FPA and CBUS is a referral arrangement to facilitate referrals between CBUS members and FPA members. Ensuring more Australians get quality financial advice. It’s good stuff because these members need help and, last I checked most financial planners were welcoming new clients.
From little lies big lies grow.
That is correct Joe…this is one of the reasons I have not renewed my FPA membership for 2014-15.
Corrupt unions with thugs at the helm…
Give us a break…
Does anyone know if we can get access to the CBUS corporate box at CBUS stadium ?
I’m not a CBUS member but they are clearly a trustworthy super provider and a day at the footy would be nice 🙂
I agree with you 100% TD, these union funds need to be exposed for what they are up to with member $$. All i’m saying is the banks are not immune – maybe if we as a country had the gyts to actually go through with a CBA royal commission, as well as a union one, we would get a better glipmse of the rotting head.
Ah! Anti Vi…you missed the point. Never mind. This is a little higher up the official tree than a coal face employee with the CBA. Read the story..CEO…Union Boss…lying to a Royal commission.. See the difference…anywhere….somewhere… Crickets
No TD a bank would never break the law **cough, cough**commonwealth**cough, cough**forged signatures, fraud and corruption
Oh please! A big bank passing confidential client information to separate third parties for advantage, as if. At least banks understand confidentiality. There is self interest and then there is breaking the law. Lets not get that mixed up.
Keep this up and the Industry Funds will be as corrupted as the big banks and their sales agents who masquerade as “financial advisers”
Ethics training required?
And David Whiteley’s comment on this disgraceful admission, we are set for yet another of his famous rants. Over to you David….
Hello…
Hello…
We seem to have lost David we’ll back after this commercial break.
And the Royal Commission has been extended until the end of next year. this is going to fun to watch.
Who ever would have thought! So what is the punishment? And what have the likes of Garry Weaven and party had to say …..
AGree with all of the comments.
Was interesting to read the other day that the biggest Industry who was not paying the correct SGC was the Construction Industry. Who has the suepr for them? CBUS. Do the workers have choice? No.
Shows that CBUS and the CFEMEU are all in bed together and not working for their members, but themselves.
Come on ASIC, why not investigate them.
Wonder what ranga Whiteley has to say about this & where that fits into his ‘holier than thou’ approach to the planning profession…?
Also isn’t CBus the fund the FPA got into bed with….? Great & highly intelligent move by Rantall if it is, disenfranchise FPA members and choose the ISA fund that is coming up even more corrupt than the rest (so far anyway!)
Nice, real nice….and they say financial advisers need ethics training.
If a financial planner were to do that they would be expelled from the industry for life by ASIC then hung, drawn and quartered by Bill Shorten and all of his union mates and the co-joint Labor & Industry super fund movement would demand some remedial action against the whole industry and say “look how corrupt they all are!” But “Hush Hush everyone sweep that one under the carpet because that incident doesn’t suit our purpose” says the co-joint Labor and Industry super fund movement.
And these so called “protectors of the members funds” have the audacity to label Financial Planners.
Who can have any faith in anything they utter.
Mandated Ethics Classes for all industry fund employees. 😉
Not that the union would know what ethics are..
Should these people be managing a large portion of the countries savings… IMO no.