The Banks and Financial Services Industry needs to be held accountable.
On the 20th January 2009, 400 disaffected investors gathered at Redcliffe to discuss possible action to recover losses as a result of recent actions/inactions of banks and other organisations. Several hundreds more have now joined the fight after attending meetings in Townsville, Rockhampton, Mackay and Cairns.
The “Storm Investors Consumer Action Group Inc” (SICAG) was formed and a committee elected to co-ordinate the activities of the group.
It was unanimously agreed at the first meeting that a subscription fee of $50 per person will be applied in order to fund the activities to the consumer action group. Details of our bank account can be found here.
SICAG was formed out of a need to seek justice (and restitution) from a banking and financial services industry that has been able to get away with murder!
Hundreds if not thousands of mum and dad investors have lost their life savings and any possibility of a reasonable future in retirement as a direct result of poor banking industry practices and perhaps poor financial advice.
“Bank Buster” John McLennan asks “Why was there obscene haste (6 mins notice) in shutting down the index funds?”
SICAG is about getting a decent outcome for all its members and furthermore ensuring that both the banking and financial services industry act ethically and can be held responsible for their actions.
Additionally, we here in Australia need to be confident that the regulators are doing their jobs and not simply sitting on their hands.
The Global Credit Crisis arose from greedy banking activity which facilitated and encouraged “Sub-Prime” lending practices and a Wall Street mentality which further contributed to the debacle. Regulators were found wanting then and continue to do little to fix the problem now.
It seems that our banks are also guilty of “Sub-Prime” lending practices where home equity and margin loans were offered without adequate due-diligence from the perspective of the lender, with the clients being held responsible and liable when everything goes pear shaped.
An open letter from the joint chairmen of the committee provides a welcome to members and some initial support and encouragement and details some immediate action that you can all participate in to have our voices heard. Now is your chance!
A database of members will be used to keep all members informed. All this information will be keep in the strictest of confidence and will not be shared with any other organisation.