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BFCSA: Angry Letters from Victims of Lazy ASIC re Sterling Collapse # 31

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Dear Mr Shipton,


As one of the one hundred plus families affected by the recent Sterling collapse, I am writing to let you know of my disgust and loss of faith in my country and the way it treats its most vulnerable citizens.


If you Google ASIC and check out Wikipedia it says;


“ASIC’s role is to enforce and regulate company and financial services laws to protect Australian consumers, investors and creditors”


Can you therefore Mr Shipton tell me just how you have done that? Because I see nothing has changed during your watch and good honest vulnerable Australians are left struggling in the meantime.


If ASIC had concerns about the Sterling group many months ago then why was nothing put out officially to alarm potential customers?


I realise that ASIC and yourself will most likely crawl under a rock until the heat dies down and then come back out and let something similar happen time and time again. Tell me Mr Shipton why are you not accountable to the people you are supposed to protect yet do not.


The amount of money the affected people have lost is probably just pin money to you and others up in your ivory tower but to them it is seventy, eighty, ninety percent of their life savings. They are old people Mr Shipton, infirm, struggling with health issues and now massive stress.


I know of one couple who are living on the Centrelink pension and have just enough in the bank to pay for their own burials. If they are put out of their home, they cannot even afford the cost of a removal company.


Others I know affected were sent off by this country to live in a tent near Vung Tao for many months. During which time they were sprayed by Vietnamese bullets and American Agent Orange and now this situation is their reward for being loyal supportive Australian countrymen.

Do you know Mr Shipton in my 75 years I cannot recall having such a feeling of utter

disgust and loathing to a person as I have at this moment towards you?


 Yours so very sadly

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Guest Wednesday, 20 January 2021