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BFCSA: Dear Treasurer Frydenberg ASIC knew of the likelihood of failure of The Sterling Group as early as 2015 # 29

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5th July 2019

The Federal Treasurer

Hon. Josh Frydenberg MP

P O Box 6022      Canberra ACT 2600

House of Representatives: Parliament House


Dear Mr Frydenberg,

I write to you with regards to the Sterling New Life debacle and the way it has affected not just myself but many others.  I constantly hear the word transparency banded about with regards to Government dealings yet in the case of Sterling New life that was definitely not the case from the toothless and inept department of ASIC.

ASIC knew of the likelihood of failure of The Sterling Group as early as 2015. ASIC databases would have alerted investigators to previous company collapses and breaches of the Corporation Law.   ASIC failed to take appropriate action in 2007 and again in 2015. ASIC failed to protect vulnerable and older consumers by issuing early vital warnings of catastrophic financial loss and by delaying stop orders. ASIC would of (and should have) known that persons involved in the Sterling Life Group had also been involved in the Westpoint disaster.  ASIC should have seen the red flags blowing in the breeze and if they did, they ignored them.  Absolutely disgusting and Mr Shipton has proven he is not aware of what is happening within his department and should be removed.     

There is no consumer protection in Australia at this moment. There is no Corporate Cop on the beat. The $450 million budget is a complete waste of money. Instead we have Keystone Kops. ASIC permits a misuse of public funds. The immediate remedy should be to replace the person at the top who obviously does not know what is happening within his own department and to turn ASIC into department that is transparent and effective in stopping white collar crime in Australia.

The effect on my wife and I has been nothing short of devastating.  Where do we go to live next, we have lost $235,000 and our home – thanks ASIC you have failed us.  We no longer sleep through the night; I hate to see my wife suffering from so much stress and worry and I do not have any answers - do you Mr treasurer?  I have never thought of the relief that swallowing a bottle of pills would bring until this was allowed to happen to us due to the negligence displayed by ASIC. 

I urge you to authorise the release of $36 million to bring this disgusting situation to an end and that you use all the powers at your disposal to track down and have the culprits prosecuted for the crimes they have committed.  If you need to know who they are ask Mr Shipton and his department, they have been protecting them.


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