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Storm consumer chairman says investors want royal commission

Storm consumer chairman says investors want royal commission
THE thousands of victims of Townsville’s Storm Financial collapse “to a man” want a royal commission into the misconduct of banks, chairman of the Storm Investors Consumers Action Group Mark Weir said yesterday.

It comes as Mr Weir remains part of a small group of Storm investors who are still waiting for a resolution with their bank eight years after reckless advice and lending caused $3 billion in losses, and as politicians argue over the need for a royal commission or new consumer tribunal.

Mr Weir said there was no doubt in his mind about the need for a royal commission.

“That’s a resounding yes,” Mr Weir said. That was the opinion of Storm investors “to a man”, he said.

“Without any exception at all, Storm clients would like to see the banks exposed for what they are and their role in Storm Financial,” Mr Weir said.
Mark Weir.Mark Weir

Labor sought to force the issue in Federal Parliament last week, and could have passed its resolution if North Queensland’s three MPs, who have all backed a royal commission previously, sided with Labor.

Kennedy independent MP Bob Katter, who has proposed his own resolution for a royal commission, seconded Labor’s motion, but North Queensland LNP MPs Warren Entsch and George Christensen sided with the Government, which has launched two reviews to feed into the design of a new tribunal where people can raise grievances. Mr Weir is still troubled by the outcome of his own case with the Government’s existing Financial Ombudsman Service.

He said in 2010 the service’s case manager initially found in their favour, only for the manager to be replaced two days later. A new manager overturned the determination in favour of the bank, Westpac.

“We believe we did not get justice,” Mr Weir said.

While other banks have agreed to resolutions where investors have recovered a fraction of their losses, Westpac has not settled, and the Weirs are among about 30 Storm investors involved in a class action which is still playing out in the courts.

Mr Weir said they were trying to save their house.

Anything they received over and above “significant” legal fees would be “better than nothing”, he said.

Another Townsville Storm investor, who did not want to be named, said it seemed the banks could “do what they like”.

This story was first published in the Townsville Bulletin

Last modified onSunday, 11 September 2016 21:45

1 comment

  • Ruby Page
    Ruby Page Tuesday, 20 December 2016 09:21 Comment Link

    I wanted to get away from the four big banks, mine being NAB and was looking in to Bendigo bank as an alternative. After reading all about Bendigo victims, I'm beginning to have a change of bank is safe. They're all part of the single criminal syndicate. They're going to take away cash and smashing the price of Gold and Silver down effectively locking the fire exits. So where to bank???


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