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BFCSA: Angry Letters from Victims of Lazy ASIC re Sterling Collapse # 35

Posted by on in ROYAL COMMISSION INTO ASIC NEGLIGENCE
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25th June 2019

 

 

Mr James Shipton

Chairman of Australian Securities & Investment Commission

"ENDURING ON A DAY TO DAY BASIS"

 Ref: The Collapse of the Stirling Life Group

 

 

Dear Mr Shipton

 We are writing to in Great Disappoinment of the Collapse of Stirling Life Group and the LACK of Communication regarding the investment.

 

 In January 2017, my wife and I Signed up to join the Income Stirling Trust for a 40 Year Lease, the start of our exciting retirement.  But this was not to be.  We invested All of the money we had from the sale of our home and All our Life Savings.

 

 We were NEVER informed of the Collapse of the Stirling Life Group and only found out from neighbours in general conversation.

 

ASIC has failed to consider the DEVASTATING effects and financial ruin this has caused to our family.  My wife Dawn has a Disability and this has Greatly added to our daily stresses.  This situation is not only putting us in a vulnerable state, but is also affecting the rest of my family .  We put everything into this and now don't which way to turn. One would think that there would be procedures and plans in place to stop things like this happening.

 

ASIC data base would have altered investigations to previous company collapses and breaches of the corporation law.   ASIC FAILED to take appropriate acton in 2007 and 2015.  The vunerable and older consumers were and are left unprotected.  Your Department  should have seen the red flags and if they did they were ignored.  Now we  are in a position where our retirement is not how we hoped it would be.

 

 

At the least the following should happen:

------    Obtaining our investment back plus pain and suffering that we enduring on a day to day basis.

------    ASIC  to be Proactive not Reactive.

------    Criminal Charges be laid to the Stirling Life Group of Directors.

------    ASIC to review all of their Operation Procedures.

 

Regards

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Guest Tuesday, 19 November 2019