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BFCSA: Angry Letters from Victims of Lazy ASIC re Sterling Collapse # 61

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30th June 2019


I  am, one of the Tenants who has been financially ruined by Sterling New Life collapsing.


I am 76 years old and have struggled most of my life with finances. and in 2016 when l was introduced into SLN or should l say taken in and lied to. I thought at last my worries were over, my rent is going to be paid for the next 40 years yippee, l could now sit back and enjoy my life with no more concerns and would be able to manage on my pension.


But I was so wrong and now find myself in a worse position, because all my money went to SNL, and now l  found out that ASIC knew of SNL and that it would most likely fail back in 2015 but did nothing about it no warning nothing you just let SNL carry on.

This financial catastrophe could have been avoided if ASIC had investigated SNL instead of just sitting on their hands and have done so for the last 4 years.


Well Mr Shipton its time for you to pay for your mistake, we want our money back. Us retirees can’t afford to lose hundreds of dollars we have work hard for, we are too old to start again, and why should we when it was ASIC delaying tactic that got us into financial ruin we now find our self in.


Can you sleep at night Mr Shipton, because l can.t for worrying about how l am going to keep a roof over my head.


We want our money back within the next 8 weeks so at least we will be able to

get on with our lives and be able to afford to pay our rents.


Yours Sincerely



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