Storm Financial Group

[Farencue]

"The chairman of the inquiry into the financial services industry, Bernie Ripoll, said he was "completely satisfied" the inquiry's terms of reference had enough firepower to target the banks if they were found to have done anything wrong".

Here's another quote from the same article - bolding mine.

 

[jonnycage]

For those interested, have a look at the Hansard Senate Economics Legislation Committee Budget Estimates of 4/6/09

http://www.aph.gov.au/hansard/senate/commttee/S12054.pdf

There is some interesting reading especially between Senator Ian MacDonald, Senator Williams and ASIC chairman Tony D'Aloisio.

Go to page 95 on the pdf and look for.

CHAIR””The suggestion is that we deal with Storm first and then move on to other issues.
Senator IAN MACDONALD””I guess the first question might be just for a brief update on where ASIC is with the investigation into Storm?



great read solly, plenty coming up in the next few months by the read of that, very interesting. good to see hopefully some action. more to come by the looks.

jonny c

 

[Solly]

A "Smash Me Manny" doll..??

gg, have you been up to something??

Have your very own for $59.95

Have a look here..

http://www.minimemodelworks.com/content/order/finvill.php


Sourced from this Business Day article.

http://business.watoday.com.au/business/just-horsing-around-in-hollywood-20090614-c7ck.html

 

[Solly]

"I'll call on banks to explain Storm and Opes collapses: inquiry head"


"Bernie Ripoll, the chairman of the inquiry into financial products and services, said he was not interested in a show or a circus. But he said he would not hesitate to call Ralph Norris, as chief executive of the Commonwealth Bank, or Mike Smith, as chief executive of the ANZ Bank, to appear at public hearings if it helped uncover serious systemic issues surrounding the collapse of Storm and Opes Prime"

More by Stuart Washington in the SMH here;

http://business.smh.com.au/business/ill-call-on-banks-to-explain-storm-and-opes-collapses-inquiry-head-20090614-c7ce.html

 

[Smiley]

Solly, This is too good . . . a manny doll. EC would have a boost to the deflated ego in finally making it with the high flyers from the USA. Perhaps we can hope for an Aussie manufacturer and a possible business venture for the stormified. It is well worth a look.

 

[Solly]

"Storm insurers run for cover on insolvency'

Creditors of Storm Financial Services might not be able to make claims on up to $60 million on professional indemnity and other insurance cover because of issues about whether the financial adviser was technically solvent when the policies were agreed.

Story by Duncan Hughes in the AFR ( subscription required)

http://www.afr.com/home/login.aspx?ATL://20090612000031239295&section=Financial%20Services

 

[-Bevo-]

A "Smash Me Manny" doll..??

gg, have you been up to something??

Have your very own for $59.95

Have a look here..

http://www.minimemodelworks.com/content/order/finvill.php


LOL

 

[Solly]

Another interesting submission to the
Inquiry into Financial Products and Services in Australia

Submission No 64, two retired school teachers from North Sydney who have lost everything.

http://www.aph.gov.au/senate/committee/corporations_ctte/fps/submissions/sub64.pdf

 

[pilots]

Another interesting submission to the
Inquiry into Financial Products and Services in Australia

Submission No 64, two retired school teachers from North Sydney who have lost everything.

http://www.aph.gov.au/senate/committee/corporations_ctte/fps/submissions/sub64.pdf

You read that and you see what I mean when I say the sales people only look for the wood ducks, as long as you have wood ducks you are going to have sales people rip them off. Would be good to see all the sales commission have to be paid back, now that would be a good start.

 

[Dark Leopard]

Good Citizens,

Again I ask, If you have anything to offer the
Inquiry into Financial Products and Services in Australia,
you can make a submission.


If you can help, please take time to go here and find out more.

http://www.aph.gov.au/senate/committee/corporations_ctte/fps/index.htm

Remember when making a submission you are protected by
parliamentary privilege once the submission is accepted.

Dark Leopard: END of Transmission.

 

[jonnycage]

Good Citizens,

Again I ask, If you have anything to offer the
Inquiry into Financial Products and Services in Australia,
you can make a submission.


If you can help, please take time to go here and find out more.

http://www.aph.gov.au/senate/committee/corporations_ctte/fps/index.htm

Remember when making a submission you are protected by
parliamentary privilege once the submission is accepted.

Dark Leopard: END of Transmission.

thanks manny,

hows the weather in belmont this morning ?

 

[Julia]

Another interesting submission to the
Inquiry into Financial Products and Services in Australia

Submission No 64, two retired school teachers from North Sydney who have lost everything.

http://www.aph.gov.au/senate/committee/corporations_ctte/fps/submissions/sub64.pdf

That's a pretty awful read. Obviously quite intelligent people who were unbelievably naive about anything financial.
The last piece about the ANZ is very damning.

 

[Judd]

That's a pretty awful read. Obviously quite intelligent people who were unbelievably naive about anything financial.
The last piece about the ANZ is very damning.

Yep. And former teachers to boot who apparently could not be bothered or were disinclined to educate themselves about matters financial.

However, it is an awful read yet still displaying that horrible approach by many of the public of "If the bank is happy to lend me this much it must be OK" as opposed to "Strewth, that's a lot of money I/we have to pay back!" Oh dear.

 

[Solly]

"Warning on Storm deals"

"Offers being made to former Storm Financial clients by the Commonwealth Bank's Hardship Team should be treated with extreme caution, according to the group representing former clients of the failed investment firm.

The Storm Investors Consumer Action Group (SICAG) co-chairman Mark Weir said this “hardship team” was acting like a wolf in sheep's clothing."

"ASIC has over 40 agents working on the Storm Financial case and has until August 31 to start proceedings to recover investors' funds."

More in the Mackay Daily Mercury;

http://www.dailymercury.com.au/story/2009/06/16/warning-on-storm-deals/

 

[Solly]

"Unseen hands that signed the papers"

"A NSW couple who lost their fortune in the collapse of Storm Financial said some of their home-loan documents had been witnessed by bankers they had never met, working from an office in Nambour, Queensland, that they had never visited."

More by Stuart Washington in the SMH here;

http://business.smh.com.au/business/unseen-hands-that-signed-the-papers-20090616-cgjj.html

 

[maccka]

Breaking News - CBA admits fault

Interesting news...

CBA admits fault on Storm Financial client loans

The Commonwealth Bank of Australia (CBA) has issued an apology regarding its involvement with the clients of failed financial planning group Storm Financial.

A statement issued by the bank said it acknowledged that while the circumstances relating to some clients of Storm were "not caused directly by the bank", they did involve the bank to "some degree".

Commonwealth Bank chief executive Ralph Norris said the bank had identified "shortcomings in how we lent money to our customers involved with Storm Financial.

"We are not proud of our involvement in some of these issues and we are working toward a fair and equitable outcome for our affected customers."

Norris said that those affected "can be assured that where we have done wrong, we will put it right".

"I am committed to the identification and resolution of all issues relating to the bank's involvement with Storm Financial," Norris said.

etc ...

http://www.moneymanagement.com.au/A...t-on-Storm-Financial-client-loans/486995.aspx

 

[donteventryit]

Re: Breaking News - CBA admits fault

Interesting news...

CBA admits fault on Storm Financial client loans

http://www.moneymanagement.com.au/A...t-on-Storm-Financial-client-loans/486995.aspx

From the same article ...

But Norris pointed the blame for the losses incurred by the clients as a result of the financial advice provided by Storm Financial with the financial planning group, saying the bank was not responsible for the advice provided by Storm.

"That was clearly the responsibility of Storm Financial, a licensed financial advisory company," Norris said.

Or in plain english, the only reason the clients of Storm applied for the loan was because of Storm advice ...

 

[carey ramm]

the CBA announcement is certainly a move in the right direction - and not before time. will be interesting to see market reaction to this tomorrow...

it seems more and more is unravelling every day

i am going to buy the AFR on the weekend for some light leisurely reading also

 

[Solly]

Re: Breaking News - CBA admits fault

Interesting news...

CBA admits fault on Storm Financial client loans

The Commonwealth Bank of Australia (CBA) has issued an apology regarding its involvement with the clients of failed financial planning group Storm Financial.

A statement issued by the bank said it acknowledged that while the circumstances relating to some clients of Storm were "not caused directly by the bank", they did involve the bank to "some degree".

Commonwealth Bank chief executive Ralph Norris said the bank had identified "shortcomings in how we lent money to our customers involved with Storm Financial.

"We are not proud of our involvement in some of these issues and we are working toward a fair and equitable outcome for our affected customers."

Norris said that those affected "can be assured that where we have done wrong, we will put it right".

"I am committed to the identification and resolution of all issues relating to the bank's involvement with Storm Financial," Norris said.

etc ...

http://www.moneymanagement.com.au/A...t-on-Storm-Financial-client-loans/486995.aspx

maccka I just had a call from a Stormer about this article. They have a problem trying to understand what ...."not caused directly by the bank", they did involve the bank to "some degree"....actually means.
I must admit it is ambiguous to me as well.
This to me is very strange statement to make.

 

[Steve Borden]

Re: Breaking News - CBA admits fault

maccka I just had a call from a Stormer about this article. They have a problem trying to understand what ...."not caused directly by the bank", they did involve the bank to "some degree"....actually means.
I must admit it is ambiguous to me as well.
This to me is very strange statement to make.

It means the CBA is now acknowledging they provided home loans to people who should never have received a home loan and that the issues with CGI and CFS are a different matter.

It was always clear that they had problem with the home loans, the other issues are more complicated.

Interesting to see if BoQ management now show the same leadership given most of their home loans are worse than the CBA loans albeit fewer in number.