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BFCSA: Mr Stephen Jones MP Shad Assist Treasurer ASIC failure cost 250 of us $28.6 million in stolen money

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26 August 2019

Stephen Jones MP
Shadow Assistant Treasurer
PO Box 6022 House of Representatives
Parliament House
Canberra ACT 2600


Sterling New Life Collapse
Matter of Public Importance
Call for Royal Commission into ASIC


Dear Mr Jones

On July 3rd, I wrote to the Federal Treasurer with regard to the collapse of Sterling New Life through which we had arranged a life lease on a retirement housing package. We lost most of our life savings and housing security as a result, and it had come to our attention that our due diligence had failed to take into account the neglect of ASIC in its statutory responsibility for consumer protection. Apparently, it had been red-flagging the Sterling group for some time and did not deem this important enough to stop the product that we and many other senior citizens bought into.  Further details of our experience are submitted in a Grievance dated 20th July.

Since then I have also written to the Prime Minister twice, the Minister for Finance and the Attorney General. The only government response to our request for redress and compensation so far has been silence on the most part and a half-hearted referral to ACFA, which I have learned is a dead end and which we will conserve our energy by not pursuing.

We, and over two hundred like us, simply want our money back.  I believe the figure amounts to at least $28.6 million to be placed in a trust fund nominated by Ms Denise Brailey, President of Banking and Finance Consumers Support Association, for appropriate disbursement.

We would be extremely grateful if you and your parliamentary colleagues would take this up as a Matter of Public Importance when Parliament returns, along with the Grievances that have been submitted.  We also believe a Royal Commission into ASIC is long overdue. I have written to the Opposition Leader, Mr Albanese, in similar vein.

Yours sincerely



(Similar sent to Jason Clare, Shadow Minister for Housing and Homelessness)

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