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Dear Mr. Frydenberg,
I am going to fight this injustice until the end and will not be going away at all.
I am writing this letter in regard to The Collapse of the STERLING LIFE GROUP as “ A Failure of the Australian Securities and Investment Commission.
Back in April 2015 my wife and I were invited to look into this wonderful scheme to be able to live rent free yes RENT FREE not an investment.
So after getting other opinions we decided it was for us.
We proceeded to sell Sterling trust our family home for $370k invest the amount $250k with Stirling let the investment money grow for our children whilst we lived in the house for a period of 20 years without worrying freeing up some pension for us and my boys would get the money at the end perfect fit for everyone
But 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.
So was ASIC aware of this potential disaster prior to even me signing this lease?
I am 76 does it mean I now have to go back to work? You can imagine the crippling impact this has had on my wife and my life. We are facing eviction from the modest 3-bedroom house that we have called home for over 40 years and I have nothing to show for the past 50 years of my working life
As a result of ASIC's incompetence, we do not have a secure roof over our heads and will have to pay rent out of our pension, which as stated we have already paid for 20 years rent monies upfront
Which in turn does not leave much to live on.
ASIC has let us down badly, if they had warned us of the dangers (which they knew of) we would not have invested our money.
ASIC is there to protect the consumer and this is unacceptable behavior from a government department
You Sir as Treasurer (and or Treasury Officials) meet with ASIC once per month. I am led to believe?
I know ASIC has potential issues with Sterling Life Group as I have had 2 interviews with ASIC in 2017 and was told that Sterling Life Group was been investigated all these red flags and no action no nothing now there are over 200 people of out of pocket to some $36 million dollars and climbing daily.
Mr. Treasurer, we sincerely hope you will call ASIC to account and do something to reimburse those who are suffering deep despair, ill health and the worrying prospect of homelessness due to ASIC’s negligent stance and behavior.
I am going to fight this until the end and will not be going away at all.
Sincerely
