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BFCSA Dear Prime Minister: ASIC negligence to blame for Sterling collapse. Liable for $36 million # 20

Posted by on in ROYAL COMMISSION INTO ASIC NEGLIGENCE
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15th July 2019

The Prime Minister of Australia

The Hon Scott Morrison MP

Dept of Prime Minister & Cabinet

PO Box 6500

Canberra ACT 2000

 

Dear Mr Morrison

my wife & I are victims of the Sterling Life fiasco and lost $145.000.  I will not go into the detail here, as I am sure you will be well briefed on the matter.  What I wish to do is convey to you what a devastating effect it has had on us and many other families, due to the incompetence of ASIC.  It is well documented ASIC was aware of the problem either on or before 2015 and did not make these problems public, if they had done so this problem would not have occurred.

Critics say "buyer beware" and "do your homework" what nonsense.  However I did my homework, as I do not part with $145,000 lightly.  I searched all I could re Sterling and found nothing untoward, that's because ASIC were silent on the matter. 

All Sterling's promotional material was a work of fiction. and because of incompetence we will be paying rent out of our pension for the rest of our life.  If an entity causes a loss to another party through negligence, they should be made to pay compensation, and Government Agencies should not be an exception. 

In conclusion ASIC was negligent, and caused huge losses to many people, so we expect $36 million compensation for everyone entrapped in this scandal.

 

yours sincerely

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