Services Industry - failing regulator #ASIC
along with defunct #legal
recourse and #social #welfare
systems are and continue to create and build upon a domino of devastation.
Repercussions of bad financial advice is leaving broken lives and torn #families
in its wake.
The question of when a #Royal
Commission will be initiated by the #Senate
following a barrage of evidence spanning the past decade coming to light not to mention the Senate itself concluding its preliminary investigation, with no shadow of a doubt, warranted a Royal Commission.
As one by one the public witnesses gleamings of deficiencies within Australia's leading #banks
one cannot help but wonder why a Royal Commission is being stalled.
It is said that only 3% of financial negligence claims hit the courts.
2010 Ron Selig filed a claim in the Federal Court of Australia against Wealthsure Pty Ltd and Ors.
2012 the case went to Trial.
2013 Judgement was handed down.
2014 and 2015 Defendants filed Appeals.
2015 Final a decision of the High Court.
Why 97% of Australians cannot access the legal system:
- Niche/Specialist area of law with retainers required by solicitors;
- Inappropriate case for smaller law firms whilst larger law firms are tied up as Corporate Solicitors for larger companies, banks, financial advisers and their insurance companies and/or Governance
- 10 years and $1.5m (Selig v Wealthsure);
- 3rd Party Rights - there are none in Australia;
- Abuse of Statute of Limitations by Financial Advisers
- Legal Aid - there is none for corporate and financial advice