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BFCSA: Angry Letters from Victims of Lazy ASIC re Sterling Collapse # 36

Posted by on in ROYAL COMMISSION INTO ASIC NEGLIGENCE
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29 June 2019

 Mr James Shipton

Chairman of Australian Securities & Investments Commission 

Dear Mr Shipton

 

Re: The Collapse of the STERLING LIFE GROUP – A Failure of the Australian Securities and Investment Commission

My sister, my sister, invested with the Sterling Group in June / early July 2018. This was before the Group became insolvent but well after the time that ASIC first became aware that Sterling was likely to fail. Because of blatant disregard by ASIC of this knowledge, inaction by them has led to my sister losing a total of $285,000.

This is the second time that ASIC has failed in regard to my sister. The first time was in relation to bank lending practices and now she is faced with this travesty. The first failure by ASIC resulted in enormous stress to my sister and the beginning of anxiety attacks.

It was at this time, when she was most vulnerable through the ending of her marriage, that my sister signed up with the Sterling Group with the idea that it was the best option to allow her to move forward on her own. The Offer to Enter into a Sterling Life Lease was signed on 26 June 2018. The settlement of the family home was on 2 July 2018 which allowed my sister to move into her new leased premises on 10 July 2018.

This current situation has caused untold stress to my sister and she is suffering from the effects of anxiety once again. Understandably the family have deep concerns regarding the position she is faced with in this difficult time in her life.

I know there are many other retirees now in a similar position to my sister, defrauded by thieves of their savings and completely let down by ASIC’s continual 2 decades of ineptness.

I urge you to act immediately for the sake of my sister and those other unfortunate investors who are faced with a very uncertain future.

 

Yours sincerely

 

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