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BFCSA: Angry Letters from Victims of Lazy ASIC re Sterling Collapse # 8

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Re – Sterling First Group Collapse & ASIC’s Negligence


Dear Mr Shipton,


My husband and I are victims of the Sterling First Group financial collapse.


My husband wrote to you recently in relation to the Sterling First Group’s collapse in particular how ASIC’s utter neglect resulted in us entering into a Life Lease arrangement with Sterling First Group at a time that ASIC were fully aware that the Sterling First Group were under investigation by ASIC.


I am writing to you not to repeat what my husband has already said but to let you know the significant impact this has had on us and our family, emotionally/physically and financially.


We have a large family – 5 children and 13 grandchildren all living within 2km of us and it was for this reason that we moved from Morley WA (30km from where we now reside) and entered into the life lease with Sterling assuming we would be near our family for the remaining years we would be alive.


Our dream of living out our retirement close to our children and grandchildren has been shattered, we can’t afford to be paying rent out of our pensions, we don’t know if we are going to be evicted and if we are evicted where we will live, we are anxious and stressed about what happens to us now which is creating health issues we didn’t have before.


My husband feels he has let me and our family down and is blaming himself for this when in actual fact the blame is with ASIC’s neglect and total lack of open communication to warn people such as us of the situation within Sterling First group before we committed to the Life Lease in April 2018.


At the meeting recently held in Mandurah WA on 21 June of life lease tenants and owners it broke my heart to see so many retirees totally distraught and bewildered as to what the future holds for us if this wrong is not put right.


We are now in your hands hoping that you will rectify this wrong that should have been dealt with 3 years ago.


Yours sincerely


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Guest Wednesday, 20 January 2021