Mr. James Shipton

Chairman of Australian Securities & Investments Commission

120 Collins Street

MELBOURNE   VICTORIA   3000

 

Dear Mr Shipton

 

Re.: Collapse of the STERLING LIFE GROUP

 

We are one of the 100 + retired couples / people who have lost all of our hard earned money and are possibly facing eviction.

We have worked hard all of our lives and paid all taxes required, as well as contributing to the community, I as a Teacher and Lecturer and my wife as an Occupational Therapist who rehabilitated people to re-enter the workforce and trained people with disabilities to enter the workforce, earning their keep and paying taxes rather than relying on Centrelink payments.

 

I am a prostate and bladder survivor and my wife has a rare INCURABLE disease, she is now on Oxygen on exertion, and will be totally dependent on Oxygen to breathe 24/7, should she live long enough.

 

We were strenuously courted by Sterling New Life, so we invested all our money trusting we would have a safe and inexpensive home to live in the rest of our days. How wrong we were!

 

As we are one of the couples which were visited unannounced by ASIC staff, we know that your Government body was well aware of the issues with the STIRLING LIFE GROUP, long before this year and yet we received no warning of any kind from your staff.  After the visit by ASIC we sent next day an email to your staff (ASIC) seeking information re the stop order on Stirling and we received NO reply and have received no further communications from ASIC regarding Stirling.

 

That could have saved our money and all the undue stress we are facing today.

 

We find ASIC’s failures, are criminal acts and most definitely failure of your duty of care towards Investors, with which the Australian Government (us, the citizens who vote) has charged you with.

 

 

ASIC’s failure to act on breaches by this group of companies going as far back as 2015 has been total negligence by ASIC, directly contributing to our current position.

We urgently request that ASIC accepts the settlement figure of 26 million dollars, in a doable time frame of no more than eight weeks as any further delay will have horrendous consequences for all the victims.

 

You do have the opportunity to demonstrate what ASIC can do by actioning the proposals proposed by Denise Brailey (President of BFCSA (Inc))  in her letter to you dated 25 June 2019.

 

 

Your sincerely