The Royal Commission at the beginning of 2019 released their report into the misconduct in the Australian Banking and Super Annuation sectors and their findings are nothing short of an absolute disgrace to the financial treatment of Australians.
Commissioner, Kenneth Hayne, delivered his findings to the public after an extensive investigation, which was originally opposed and put off by the Australian Government for the last 16 months.
What Was Exposed?
Evidence of 100s of millions of dollars being taken from Australians through the charging of fees but offering no service, misleading customers and charging dead people, just as a few small examples.
This distorted and deceptive conduct has broken businesses and ruined the personal lives of many innocent citizens.
76 recommendations in total were made by the Commissioner requesting changes that needed to be made and lawfully abided by to see improvements across the board, ensuring that all customers are treated fairly and honestly.
Some of these requested changes include:
- Axing of fees for no service
- The Australian Securities and investment commission (ASIC) is to become the primary overseer and regulator of superannuation
- Request ASIC to launch legal action with large corporations where needed rather than just issuing infringement notices.
- Greater oversight of the Australian Prudential Regulation Authority (APRA) and ASIC
- Mortgage brokers to move from commission based to a fee based model.
Community trust and respect in financial institutions has vanished and the Royal Commission is requesting the government do all they can to develop a cultural change within the sector, however, has the damage already been done?
These changes that have been requested are not due to be implemented until 2020 at the very earliest, with the majority much further down in the pipeline, if they are implemented and abided by at all.
Is Your Superannuation At Risk With The Banks?
In the report issued by the Royal Commission, it was found that people who trust in the banks to oversee their superannuation fund are missing out on up to half a million dollars. The Association of Superannuation Funds of Australia reports that this is about eight years of comfortable living for a couple.
This is occurring simply because the retirement outcomes for their customers are a secondary concern, with their own ability to make profits succeeding the client.
ABC reported on the situation, asking the question to all Australians, “Should Australians be comfortable with their hard earned superannuation contributions being paid to the shareholders of banks.” We think not.
What Is Your Alternative Superannuation Option To Safeguard Your Retirement?
The use of crypto currency and mining crypto currency is a much safer option than relying on and trusting the banking sectors, who have already pulled the wool over everyone’s eyes. A positive for all as it is projected that Australia is set to become the world’s next crypto currency hub.
The Australian Treasury has released a 27-page report after explicitly exploring the pros and cons of Initial Coin Offerings (ICOs) and how it can greatly benefit the Australian economy.
Rather than canning this technology, Australia is set to embrace it and harness its full potential, hoping it will attract a wide range of crypto currency platforms and generate a very lucrative flow on effect, similar to what Malta and Switzerland have done.
NGS Crypto is the industry leader offering all Australians the opportunity to unite their superannuation with cryptocurrency.
In 2014, the Australian Taxation Office (ATO) issued two taxation determinations clarifying that Bitcoin and Cryptocurrencies like Bitcoin are not money but are capital gains tax (CGT) assets. This new development now legally allows for Self Managed Super Funds (SMSF) to invest and transact in Cryptocurrencies.
NGS Crypto is the sole Australian crypto mining company that is superannuation and retirement savings approved, following strict laws and regulations set by the ATO and the Australian Securities and Investment Commission (ASIC).
NGSCrypto has worked closely with industry leaders and appropriate governing bodies throughout 2018 to become fully complied under ASIC and the ATO, successfully securing a positive key affiliate relationship with one of Australia’s biggest and most successful financial wealth analyst companies, who currently have over $1.5 billion under management.
Through this partnership Australians now have the financial opportunity to explore and take full advantage of NextGen Systems unique investment model, achieving upwards of 12-19 percent plus return, year in year out on your superannuation.
The Benefits Of Investing Your Super With NGS Crypto
- Returns on your superannuation are between 12 and 19 per cent per annum.
- All returns are paid DAILY in Bitcoin.
- We are 100 per cent compliant under ASIC and the ATO
- 100 per cent of your initial investment is credited back to your NGS account at the end of your 36-month agreement, for you to either withdraw or re-invest
- $0 upfront fee to transfer your superannuation across, which can costs thousands.
For further information contact NGSCrypto