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BFCSA: Angry Letters to JOSH FRYDENBERG re Sterling Collapse # 1

Posted by on in ROYAL COMMISSION INTO ASIC NEGLIGENCE
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3 July 2019

The Federal Treasurer

The Honorable Josh Frydenberg

PO Box 6022
House of Representatives

Parliament House
Canberra ACT 2600

 STERLING NEW LIFE

 

Dear Mr Frydenberg

We thought we might just scrape through a reasonably safe and secure retirement with a Sterling New Life housing package, having never owned a home and been
on a single modest income for most of our 45 years in the workforce. Alas, it all disappeared in a puff of smoke on June 10th.

On 16th April 2018, after due diligence, my wife and I signed a 40 year lease worth $254,000 through a Silverlink Investment Plan with Sterling New Life which last month went into receivership.  Little did we know that SNL operations had been under ASIC investigation for some time. Had we known this we would not have proceeded.

It has also come to my attention that ASIC reports monthly to the Federal Treasurer and raises matters it is investigating. Were the Sterling group of companies ever brought to the Treasurer’s attention at least from 2015 onwards? If so, why were they allowed to keep hawking their shonky product in so many guises to vulnerable retirees who were looking for solutions to a secure future?

Our remaining retirement funds will now be swallowed up in extricating ourselves from this mess. Social housing (if we’re lucky) and existing hand to mouth on a pension seems to be the best possible scenario for us if there is no redress.

We look to you Mr Treasurer to fix this!

 

Yours sincerely

 

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