SICAG has moved to lobby the three independent members of parliament over its Storm Financial concerns.
Members of the Storm Investors Consumer Action Group (SICAG) have lobbied the independent ministers at the centre of Australia's political stalemate in a bid to gain renewed pressure on the country's banking community.
On behalf of SICAG co-chairman Mark Weir and Noel O'Brien, former Storm Financial (Storm) client, Kevin Lock, has written to the federal member for Kennedy, Bob Katter, the federal member for New England, Tony Windsor, and the federal member for Lyne, Robert Oakeshott, stressing the need for political assistance.
"What I am asking of you is your assistance in our fight against the Australian banking industry to get our life investment back which the banks took through unconscionable lending practices and churning through their involvement with margin lending schemes with Storm Financial," the letter said.
Lock said it is the group's view that in the 20 months since the fall of the advisory firm, the interests of Storm clients has been forgotten.
He said while ASIC's initial involvement was directed more at "protecting the interests" of Commonwealth Bank of Australia (CBA) through its attempt to impose an enforceable undertaking on Storm, the corporate regulator's follow on action and alleged close dealings with the CBA were not in the best interests of Storm clients.
"For this reason we would implore each of you to exercise particular vigilance surrounding ASIC's investigation to ensure that they deliver on their intentions to obtain compensation for the victims and not simply identify and deliver an easy scalp to their political master to portray that they have accomplished their job," the letter said.
"It is our contention that our society has gone astray somewhere in allowing our banking industry to become among the most prosperous corporate institutions in our economy.
"We do not believe that it was intended to be that way and suggest that banks have a more compelling social justice role to play in our society."
As well as scrutinising ASIC on its investigation into Storm's collapse, SICAG members also called on the independents to support a royal commissions into Australia's banking industry culture.
"It will only be through the comprehensive scrutiny that such an inquiry can deliver, that the profligate, unconscionable and pernicious culture that has destroyed the lives of countless honest, hard working Australians, can be fully exposed and dealt with," the letter said.
The two non-consecutive alphabetic letters encountered most often last week caused more controversy than the underlying policy they represented, Wouter Klijn writes.... read more »
Home delivered!
Daily news, weekday mornings
Get the day's news delivered direct to your inbox. Register here (it's free!) and choose 'yes' to receive the InvestorDaily newsletter.
