Senate Estimates grills ASIC over Storm Financial

VICTIMS of the Storm Financial crisis hope a hearing before a Senate Estimates Committee today will provide answers as to why their retirement savings have been left in ruins.

Senior officers from the Australian Securities and Investment Corporation will front the hearing to explain why they reached a $136 million settlement with the Commonwealth Bank when customers lost more than $3 billion in the Storm Financial collapse.

Chairman of the Storm Investors Consumer Action Group Mark Weir said yesterday investors had bombarded senators with complaints about the settlement which ended ASIC's legal pursuit of the bank.

He said Storm investors felt they had been "sold out and let down" by ASIC and hoped the hearing would restore confidence in the country's corporate regulator.


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