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BFCSA: Mr Cormann ASIC is asleep at the wheel causing loss of $$$ millions and Grief

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7th August 2019


The Hon Mathias Cormann

Dear Senator Cormann

My wife and I have been caught up in the Sterling Newlife disaster. 


Australia is a very generous nation helping many other countries in their moment of need.  Australia gives $4 billion dollars a year in aid to help other countries.  Mr Cormann I am writing to ask your assistance to help a group of Australian retirees who have lost their entire life savings in a rent for life scheme.  No doubt you have been briefed on the details but have you been briefed on ASIC's role in this debacle?

ASIC was warned many times with regard to the perils of this scheme.  One of the early warnings was by the WA Dept of consumer affairs and ASIC did nothing to warn retirees of the perils.  ASIC sat on their hands and watched as hundreds of retirees were fleeced of their savings.  If ASIC had done their job and closed this scheme down, we would not be in this situation having lost all of our savings. 

Mr Cormann ASIC was asleep at the wheel and caused the loss of millions of dollars to retirees who are now virtually penniless, and will be depending on the government the rest of our lives.  ASIC caused this problem through inaction and so compensation should be paid.  It does not matter whether you are a government dept or not, if a loss is incurred due to incompetence retribution should be made


Yours sincerely

R & S S

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