Statement from the President of the Friendly Societies of Australia (FSA), Mr Tony Connon, following a judgment in the High Court of Australia involving Lifeplan Australia Friendly Society (Lifeplan) and Ancient Order of Foresters in Victoria Friendly Society (Foresters):
“As the industry association representing Australia’s friendly societies, the Friendly Societies of Australia (FSA) notes the outcome of the judgment in the appeal involving two of our members, Lifeplan Australia Friendly Society (Lifeplan) and Ancient Order of Foresters in Victoria Friendly Society (Foresters).
“It would be inappropriate for the FSA to intervene in commercial and competitive matters between organisations which are members of the FSA.
“While the FSA is still digesting the complete judgment, the origins of the dispute lay in what the High Court described as breaches of fiduciary duty by employees and the FSA does not condone unethical behaviour.
“The FSA expects that regulators will take any appropriate action in relation to the judgment.”
To read the full statement, please click here.