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BFCSA: Angry Letters from Victims of Lazy ASIC re Sterling Collapse # 58

Posted by on in ROYAL COMMISSION INTO ASIC NEGLIGENCE
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30th June 2019

 

Dear Mr Shipton  CHAIRMAN OF ASIC

 

Re: The collapse of the Sterling Life Group

 

As a victim of the collapse of Sterling Life Group, I am writing to express my feelings of anger and disgust with ASIC for failing to alert warnings to the public about this rogue group of cheats and liars who have been in trouble before, as far back as 2001.

 Had you done so, it would have spared the anguish & heartbreak of pensioners losing their life savings, peace of mind and security in the latter part of their lives, SHAME on you, this should never have been allowed to happen.

 

 I am a self-funded 79 year old retiree on a very modest English pension, I have been on the waiting list for permanent residence in Australia for 10 years and receive no financial support from the Australian government.

 

 I invested $244,000 into a sub-lease with Sterling New Life in October 2018 after thoroughly researching the safety of the company, and was assured everything was o.k.

 

 Had there been any warnings of a risk to do so, I would have been saved from the trauma of my loss as I now face the prospect of being made homeless and losing the majority of my life savings and being dependant on my children because of your GROSS negligence.

 

 

I feel that ASIC should reimburse my losses due to their inaction.

 

Yours sincerely,

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Guest Tuesday, 19 November 2019