Just 27 financial victims testified at the 2018 banking royal commission, out of more than 10,000 who made submissions. The vast majority of financial victims have had their lives ruined by predatory banks and financial criminals, but have never been compensated.
This week is an opportunity to push the Senate to establish an inquiry that can lay bare the scandalous failings of the corporate regulator, the Australian Securities and Investments Commission (ASIC). One of the worst of ASIC’s scandals is the collapse of Sterling First, which has left 140 elderly pensioners and retirees facing eviction onto the streets.
Call Ministers Josh Frydenberg, Ben Morton and Andrew Hastie to save Sterling First’s victims and hold the government and ASIC accountable for failing to regulate.
After a flood of calls to Senators from concerned constituents, Treasurer Josh Frydenberg’s bill to wind back responsible lending laws is effectively dead.
