Former clients of Storm Financial (Storm) who have refused to sign up to the Commonwealth Bank of Australia’s resolution scheme should rethink their options before it is too late, the joint-chairman of the Storm Investors Consumer Action Group (SICAG) has said.
SICAG joint-chairman Mark Weir has urged clients embroiled in the collapse of the advice firm, Storm, to sign up to the CBA’s scheme before the 30 September deadline.
“The interviews people are having with the CBA are not full on confrontational and the sooner they engage with the bank either face-to-face or telephone, the sooner their circumstances will be considered the sooner they will get a resolution for their problems,” Weir said.
“The level of sophistication of Storm investors was right across the spectrum. From people who probably should not have gone near such a complex product to those who really knew what they were doing. So in any circumstances where your future is at stake it is a little bit confronting.”
SICAG is assisting its members to sign on to the scheme, by pointing out they have nothing to fear from the process, he said.
“We’ve just got a support brief at this point in time and we’ll be watching very closely at what the offers are and if we find that they are not meeting the expectations and they are not compatible with what we believe to be the areas of victimisation then we will certainly be very vocal and robust in our expression of opposition to it,” Weir said.
More than 600 former CBA clients have already sought the guidance of Slater & Gordon to act for them in the bank’s Storm resolution process scheme.
