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Office of Public Trustee

Eligibility - Queensland residents

Principal Petitioner:

Robert Messenger
3668 - Lot 7 - Gin Gin / Bundaberg Highway
BULLYARD QLD 4671

Total Signatures - 94

Sponsoring Member: The Clerk of the Parliament

Posting Date: 18/04/2013

Closing Date: 5/08/2013

Tabled Date: 6/08/2013

Responded By: Hon Jarrod Bleijie MP on 9/09/2013

TO: The Honourable the Speaker and Members of the Legislative Assembly of Queensland

Queensland citizens draw to the attention of the House - that in relation to the Queensland Office of Public Trustee:

1. Public Trustee Peter Carne, wrote (26.11.12) to a disabled client Mr Clinton VanDenBerg and said, "If the balance of the funds held on your behalf falls below $10,000, the Public Trustee fees are then estimated to be $3,143.00, again with an additional $206 for miscellaneous expenses". This equates to a total management fee of 33% per year or greater.

2. The Public Trustee of Queensland 2012 annual report financial statements - Fees (FS17) pg43 show that $66.011M and $6.986M (Total $72.997M) were received due to "Administration of estates and trusts and other revenue and Trust fees".

3. Public Trustee Peter Carne, wrote (26.11.12) to a disabled client Mr Clinton VanDenBerg and admitted, "Thirdly with respect to your investment concerns, you are correct in outlining that the Growth Component losses you referred to in the investment Product Profiles provided to you by Mr Marks for the Australian Equities Fund, the Higher Growth Fund and the Growth Fund, have produced negative returns for the last 5 years".

Your petitioners, therefore, request the House to pass a motion that calls on the Queensland Government to immediately hold an independent public inquiry which examines, details and justifies:

•            The fees and charges levied by the Queensland Public Trustee on all clients; and

•            The officially acknowledged negative returns incurred by the Queensland Public Trustee for the last 5 years.