Financial Standard Comments - ASIC to face legal action over Storm Financial

Comment by r b (.)

r b (.) — Thu, 05 Feb 2015 13:21:04 +1100

Maybe ASIC staff should have to complete an annual exam to see if they know how to do their jobs.

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Comment by Steve C (my company)

Steve C (my company) — Thu, 05 Feb 2015 15:19:57 +1100

Maybe AISC should have another exam for Metcraft.

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Comment by ASIC IDIOCY (SensiblePlanner)

ASIC IDIOCY (SensiblePlanner) — Thu, 05 Feb 2015 19:43:46 +1100

'r b' and 'Steve C' - WELL SAID!! - and nowhere near as silly or funny as it sounds. A bit of 'take your own medicine' won't hurt the 'ol ASIC methinks. Get them tested to see if they act "in the best interests" of those put in their charge! And do it every year and make sure everyone at ASIC does an online CPD to ensure we can be sure they haven't forgotten how to look after those they are supposed to.

Unbelievable that ASIC were allegedly negligent like this. This truly puts risk advisers sins out to pasture compared to the hurt ASIC has, by their alleged inaction, caused the poor unfortunate investors who trusted Storm.

If I had servants in my home this bad they'd be sacked on the spot. The heads at ASIC deserve all they might potentially get in a law suit. Leave the reputable advisers alone and fix your own house first before you puff out your chest and think you know what is best for our industry. Gooses!

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Comment by Brian Taylor (Ex Storm Investor)

Brian Taylor (Ex Storm Investor) — Mon, 16 Feb 2015 07:59:00 +1100

Levitt's are hoping 3,000 ex Storm investors will contribute $2,000 each to finance the case. It's taken 5 years to get settlements from the banks and some victims are still waiting. Many Storm investors were retirees - how many will be alive at the end of another protracted court case?

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