Today a Senate inquiry was established to examine cases of wrongdoing in the banking and financial services sector and to allow victims of financial misconduct scandals and rip offs to have their voices heard. The Senate voted 40-25 in favour of the establishment of the inquiry with only Government Senators voting to oppose it. The inquiry will also look closely at existing legislative and regulatory frameworks to ensure they have Australian consumers best interests at their core.
Mum-and-dad investors entrusted Steve Navra and his companies with $400 million, which he and the liquidator say is all gone. Forever. But the investors, led by professional advocate Susie Bennell, believe $150 million remains and they are going to find it. Ms Bennell and more than 100 investors from across the country are now waging war against banks, lawyers, insurers and Mr Navra.
Consumer advocates say a Supreme Court case involving a financial planner underscores the need for a fund of last resort for people who have lost money through poor financial advice.