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BFCSA: Angry Letters from Victims of Lazy ASIC re Sterling Collapse # 47

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Chairman of Australian Securities & Investments Commission,

120 Collins St,

Melbourne VIC 3000



Dear Mr Shipton,



The Collapse of the STERLING LIFE GROUP


I write in the capacity as a 30-year commercial banker and now a self-employed finance broker. I also write with a direct connection with my parents in law directly impacted by investing their hard-earnt life savings into securing a long-term rental arrangement with Sterling Life for a roof over their heads – their home!


I understand there is an action where retirees like my parents in law are looking for a reasonable outcome in the form of compensation from ASIC in a specified timeframe.


From my understanding and research ASIC clearly knew about the related issues and the likelihood of failure of The Sterling Group as early as 2015 or 2016. The (Ponzi like) structures we recognised early in the piece as it should have been recognised as should the dubious background of related individuals (like Ray Jones).


ASIC appear not to have been proactive throughout this case and ultimately failed to protect vulnerable and older consumers by issuing early vital warnings.  


“Investors” as such are one thing and have been let down also in this situation however, the Mums & Dads who have worked hard their whole life and were looking simply to secure a home (through long term tenancy arrangement) in their retirements are the ones I particularly feel for. They did do due diligence through financial planners and related solicitors so did not go into the arrangement blindly.


The upshot is they have very limited savings and now have little to no ability to afford a new ongoing rental arrangement.

What are they to do??


I would fully support this compensation claim and would welcome a discussion or at least a reply.





Thank you


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Guest Wednesday, 20 January 2021