That's right Specialed SICAG was started near Brisbane but those of us who have joined SICAG and live elsewhere can contact all of the Committee at any time by email or phone and they are amazingly patient people despite being in the same position as we all are. The Committee are to be congratulated for their work and SICAG members are able to support each other emotionally. We don't need the ASF for emotional support as we have all the support we need elsewhere.
I'm a bystander in all this and find the "Storm Model" incredibly dangerous. Banks are ar***oles. They will screw you at any opportunity. Never trust them, most are fools.
I just had a quick look at the SICAG website and at a glance it only blames the banks - it does not mention EC and JC at all. Please advise if I am missing something. Banks you have to expect to be ruthless and after your dough (I mean they are just money lenders after all) whereas your PERSONAL financial adviser is meant to LOOK after your money. Protect you from yourself and the vultures.
Good luck getting anything from them but personally I am not surprised by their behaviour. I think anyone who has had dealings with Banks (other than a home loan) knows what I'm talking about.
Everyone has a different opinion on what is and what isn't good financial advice and the same can certainly be said for all members of SICAG. There are many who support the Storm model just as there are many who do not, it just depends on your age and circumstances. What does it matter is some members of SICAG endorse the storm model, I think the point is that it was not suitable for every client and this is what occurred. We have written evidence where we have asked for a risk free investment and obviously the storm model does not meet our criteria and yet we had no idea that it was so dangerous at the time, we do know now however.
One of the biggest 'mistakes' that storm financial made was to mortgage the homes of their clients, many of whom had asked for a less risky investment option, thus putting them at risk and at the same time telling them that their homes would be safe. In fact it now appears that there was no such thing as a low risk investment and yet we had to fill out paperwork so that they knew what level of risk and reward we were prepared to accept. OK if your an educated punter then you know more about the risks than those who aren't.
The storm model did not endorse high risk / high return investments they endorsed their own index funds which tracked the whole market. They only promised 'average market returns,' and this is why there are some investors who liked this type of investment. From a young persons point of view it often worked well as they had no assets at risk and they started small and their risk was not so great.
As I understand it the whole thing collapsed when the market was not being monitored correctly, in fact, there is growing evidence that the CGI monitoring system was on the blink for a month over the critical period September - October 2008. This allowed clients LVR's to rise blow out of all proportion and placed many clients in negative equity.
I have been looking into our paperwork and I'm no expert at reading 'financial or legal speak' but there appears that we should have been notified by the bank when we were in margin call. Twelve months after the event we are still waiting for that call from the bank they have never notified us that we were in margin call.
Most Aussie banks subscribe to the ABA code of conduct and this states quite clearly where the banks responsibilities lie. There is also an increasing body of evidence to suggest that many of the banks had adopted lax / poor banking industry standards when dealing with storm financial.
It may not mention EC and JC by name on the SICAG website but I'm sure that it mentions Storm Financial and that they will look at whether poor financial advice was given as well as the banks involvement.
In the US they have called this type of lending sub prime lending and it's what got the world into this crisis in the first place.
Good for you, DocK. There have been several studies demonstrating that exercise can be more helpful than medication in counteracting depression.Harleyquin,
It makes you feel better. The experts will tell you about endorphins etc, and it's true. I find once I make myself make the effort, I really do feel much better. When you're walking in the early morning with the sun on your face, the birds chirping away madly, some music in your ears etc, it's easier to remember that being broke needn't be the end of the world, and you still have something to be grateful for - even if it's only the fact that you're still upright and breathing.
My pants are still too tight, but I plan to haul out my son's old punching bag and tape a photo of a certain couple from up north on it - no telling how skinny I'll wind up before I'm sick of belting it!!
Any such blanket generalisation would immediately alert me to something being amiss. I'm sure many of us have made considerable money out of property.At any storm "education seminar" it was always emphasised that investing in property was always a poor choice
Yep, exactly.I guess it's hard to collect a trailing commission on a property investment....
Can't just blame CGI. As has already been pointed out, there were several items on the news every single day about the pending financial crisis.As I understand it the whole thing collapsed when the market was not being monitored correctly, in fact, there is growing evidence that the CGI monitoring system was on the blink for a month over the critical period September - October 2008. This allowed clients LVR's to rise blow out of all proportion and placed many clients in negative equity.
We've been over this many times, and various Stormers have said that they delegated Storm to be their contact point with the bank, or alternatively Storm told the clients they would look after any margin calls. If that were the case, as we have also repeated many times, then there would have been in place an arrangement between the bank and Storm, not the bank and the client.I have been looking into our paperwork and I'm no expert at reading 'financial or legal speak' but there appears that we should have been notified by the bank when we were in margin call. Twelve months after the event we are still waiting for that call from the bank they have never notified us that we were in margin call.
I don't think what happened here is the same as the US subprime model at all. That was more designed to get people who had not previously owned any property into their first homes. There is no evidence of that happening with Storm. On the contrary, Stormers all appeared to have fully paid off homes.In the US they have called this type of lending sub prime lending and it's what got the world into this crisis in the first place.
"Storm founders 'honest and ethical' "
More by Daniel Hurst on brisbanetimes.com.au here;
http://www.brisbanetimes.com.au/business/storm-founders-honest-and-ethical-2
So despite a Masters in Finance she doesn't know what the word 'insolvency' means?
This is almost too funny.
Ha. More front than Myers!
So despite a Masters in Finance she doesn't know what the word 'insolvency' means?
This is almost too funny.
Ironhalo!,
Your a hard marker, she may have been away the day they taught insolvencey and it's ramifications at uni.
Ms Collette, who holds a Masters degree in Applied Finance
Ironhalo!,
Your a hard marker, she may have been away the day they taught insolvencey and it's ramifications at uni.
What I'd like to know is where the SICAG Model stands now with all this drivelling effluent pouring over the governance at Storm headquarters.
sicag.info has taken down their disclaimer about the Cassimatis clan, but still have their money spider distracting people from information.
And they still advocate a "no fee model such as Storm"
Its time that sicag explained to aussiestocksforum, which is where most Storm victims get independent advice, where they stand on the recent court proceedings.
gg
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