PETITION
"WE, the victims of the Banks associated with Storm Financial, together with all fair-minded Australians, by way of this Petition, ask this Government to pay us full and immediate COMPENSATION for the losses we have incurred. We placed out trust in these financial institutions and they proceeded to abuse that trust. Our reasons for claiming compensation are as follow: The Banks formed an alliance with Storm Financial for personal gain, using corrupt banking practices and strategies that placed our assets at high risk by: inflating customers’ assets; ignoring customers’ current liabilities; inflating house valuations so more money could be borrowed; entering into covert agreements with Storm Financial that placed their customers at high risk; changing the term of margin loans without customers’ approval; failing to give margin calls; directing business through Storm Financial that disadvantaged customers; breaching contractual obligations to customers; abusing their “duty of care” responsibilities to customers; violating their banking codes of conduct, and by-passing consumer protection laws enshrined in Statutory Acts. This Government and former Governments failed to implement efficient and effective regulatory controls thereby allowing such to occur. The fact that measures have now been taken by the Government to rectify this situation does not excuse its failure to identify and take remedial action long before. The people that have suffered, the vast majority being elderly Australians that placed their trust in a defective financial system, have been left destitute as a consequence. We, the victims, have waited in vain for more than 17 months for this Government to provide financial assistance. The Banks have ruined us and we have no money to fight back. The Banks know this and have taken full advantage of our circumstances. The Banks acted outside the law and they are the ones that are in the wrong. The losses we have incurred are but a fraction of the record profits these Banks are making. They should therefore be forced to repay our losses that they had a major part in creating.
We elected this Government to protect the interests and rights of all Australians. This Government and former Governments contributed to the problem by failing in their duty of care to ensure that appropriate regulatory systems were in place. Therefore, this Government should now remedy its failures by providing immediate compensation. It should then seek to minimize such compensatory payments by taking action against the Banks that were involved. It will be money well spent if it can restore confidence and trust in a financial system that has failed all of us. Not only has it impacted us, but on our children and their children. Whole generations, in fact, that will be forever disillusioned by a system that destroyed their parents and their grandparents.
We believe it is unconscionable to expect us, the victims of a so-called regulated banking industry, to have to seek justice in the Courts when we are the victims. It is particularly onerous when we do not have the financial means to do so. The Government should be doing this on our behalf because they let it happen. We, the elderly in this country, form a large voting bloc. Storm Financial, the Banks, and your Government have contributed to the impoverishment of many in this group. If this Government fails to take concerted action now to remedy this situation and offer us an acceptable solution, we will be voting for those that can.
We, the elderly in this country, have lived though a depression, wars, floods, droughts, bushfires, and bad government. Now, we have been robbed by rapacious banking organizations that have but one aim, and that is to churn money out of their customers. We’ve had enough! We now want justice or we want change."
Sincerely,
The Undersigned
PLEASE SIGN OUR PETITION WHICH CAN BE FOUND AT: