Investors in Australia are exposed to considerable risks thanks to the ineffective regulatory environment which has been designed to look after the major financial players as opposed to investors. And remember thanks to the forced superannuation savings scheme, we are forced to comply.
So Robbie Barwick from the Citizens Party and I discuss what needs to be done to make this an election issue.
The fight to clean out financial corruption in Australia – Citizens Party – Live Stream – 31 Mar 22 https://youtu.be/Hnxya-NjHIY
Mobilise! Call MPs in Canberra – demand Labor and Liberals commit to full compensation for Sterling victims
All Australians who support the need to clean up financial corruption, which must include holding ASIC to account for its failures as a regulator, are urged to join in making phone calls this week to the Canberra offices of the Prime Minister, Opposition Leader, Finance Minister, Shadow Finance Minister, and Shadow Minister for Financial Services.
Demand they commit to paying full compensation to Sterling First-Silverlink victims through an Act of Grace payment by the Finance Department – the total cost is $18 million plus interest and expenses.
Demand the Labor Party politicians make this an election pledge.
Tell the politicians (or tell their staff to pass on the message):
• Full compensation is absolutely necessary, for the survival of the elderly and frail victims, who all face eviction and homelessness; and for justice for the victims.
• ASIC failed these victims, who only thought they had paid their rent in advance for the rest of their lives, and didn’t know they were in a managed investment scheme – BUT ASIC DID!
• It is the government’s responsibility that ASIC is a weak and ineffective regulator, due to its “buyer beware” ideology (if you get ripped off it’s your own fault), therefore the government is responsible for ASIC’s failures and for compensating its victims.
• The so-called Compensation Scheme of Last Resort (CSLR) does not yet exist, and under current plans it does not cover the Sterling victims; even if Labor expands the scheme, it is adjudicated by the Australian Financial Complaints Authority (AFCA), which is another agency that is rigged against financial victims and in favour of the perpetrators.
• As the government has the mechanism of an Act of Grace payment to compensate people, it should man up and do so immediately, and then the Sterling case must become the catalyst to overhaul ASIC and make it a proper regulator with teeth, feared by financial predators.
The politicians to call immediately:
Prime Minister Scott Morrison: (02) 6277 7700
Finance Minister Simon Birmingham (02) 6277 7400
Opposition Leader Anthony Albanese (02) 6277 4022
Shadow Finance Minister
Senator Katy Gallagher (02) 6277 3456
Shadow Minister for Financial Services
Stephen Jones (02) 6277 4661
Go to the Walk The World Universe at https://walktheworld.com.au/
