News

Lives ruined on bad financial advice

Emma Babbage, Luke Warren and Hayley Cramp, who form the litigation team from Somerville Laundry Lomax Solicitors, are taking inquiries about proposed legal action against financial planners for poor investment advice.
Emma Babbage, Luke Warren and Hayley Cramp, who form the litigation team from Somerville Laundry Lomax Solicitors, are taking inquiries about proposed legal action against financial planners for poor investment advice. Doug Eaton

A LISMORE legal firm is taking inquiries from local investors who have had their lives ruined on the basis of poor financial advice.

Ben Robin and Luke Warren, of Somerville Laundry Lomax Solicitors, said a number of local investors have lost several hundred thousand dollars each, some losing their entire life savings.

Heavy losses by investors Australia-wide were revealed this week following a Senate enquiry into the Commonwealth Bank.

There is no suggestion that local investors were given the poor advice by local CBA financial advisers.

While still fielding enquiries from investors, Mr Robin said he had been approached by a number of local people who had lost between $1 million and $2 million after they followed the advice of financial planners.

"Most financial planners in the region are good and competent operators but there is a rogue element that ought to be brought to account," Mr Robin said.

The investment advice was provided in 2007 and 2008, just before the Global Financial Crisis hit and stock markets crashed.

"Stock market corrections should be on the radar of all financial planners," Mr Robin said.

"Just because the GFC occurred, doesn't mean that financial advisers can escape liability.

"If people who don't work anymore have invested heavily and their investment goes sour they are put in a very precarious position."

Mr Robin said there is generally a six-year limitation period from when the loss arises within which to commence court proceedings.

He encouraged anyone who had suffered investment losses to call 6621 2481.

Commonwealth Bank CEO Ian Narev said poor advice provided by some of the bank's advisers between 2003 and 2012 caused financial loss and distress and he was truly sorry for that.

"We have already paid $52 million in compensation to more than 1100 customers of specific advisers who were identified as having provided poor advice," he said.

Mr Narev said at no cost to customers, an Open Advice Review program would provide an assessment of the advice received, access to an independent customer advocate and an independent review panel.

Topics:  advice finance



VIDEO: Snapshot of the Pacific Highway upgrade at Woodburn

Page MP Kevin Hogan at the Pacific Highway construction site at Woodburn.

Highway upgrade is "great news for our community"

Joey survives after koala stomped on by cow

Dr Pyne said Fraser was "a battler".

"Cows have a thing about koalas, it’s a bit hard to know why."

Local Partners

Historian to explore social histories of Aboriginal communities

A NORTHERN Rivers historian has been awarded the prestigious $30,000 2016 NSW History Fellowship.


This week's Northern Rivers markets list

Craft, art and fresh produce merge at the local markets.

Where to get your fresh produce and coffee from

GALLERY: Summer meltdown with wrestling show

Apollo, the heavyweight champion of the International Wrestling Australia (IWA Pro Wrestling) which will bring its Summer Melt Down Tour to Evans Head in January 2017.

ORGANISERS have promised body-slamming, bone-crunching entertainment

Ten fantastic things to do on the Northern Rivers

CIRCUS ARTS: Superheroes and Supervillains will battle at out at the end of year show.

Superheroes, carols, dance parties and golf this week

Cruz Beckham's single a 'one-off'

He is not planning to launch a full-time music career yet.

Louis Tomlinson's mother dies aged 42

Louis Tomlinson's mother has died.

Star Wars spin off gets green light grom Lucas

Riz Ahmed, Diego Luna, Felicity Jones, Jiang Wen and Donnie Yen star in the movie Rogue One: A Star Wars Story.

Lucas said to have enjoyed the latest Star Wars spin-off

BOOK REVIEW: The Mask of Command

This narrative from Anicent Rome has it all

The tech-version of the old pop-up book is here

IS THE old cardboard pop-up book a thing of the past?

Obama's private struggle laid bare in film

Australian actor Devon Terrell portrays a young Barack Obama in the Netflix original movie Barry. Supplied by Netflix.

Filmakers focus in on Obama's legacy

'Crucial' farm land eyed by defence department

Lawson Geddes moving the Brangus cattle to higher ground - which is the land the Defence Department is interested taking for the Shoalwater Bay expansion.

"You can't have one without the other.”

Former Shark Show for sale for $1.3 million

Vic Hislop at the old Shark Show.

TALK about a jaws-dropping real estate opportunity.

There's a whole lot of luxury in this home

The Endeavour Foundation's latest prize home in Mountain Creek.

WHEN it comes to desirable homes, it's hard to go past a prize home.

WATCH QTV: The highlights of your $150 million CBD

GRAND PLAN: The highlights of the Ipswich CBD redevelopment and where they will be located.

Work on city heart's radical transformation to begin next year

VOTE IN OUR POLL: Sand mine opponents face serious dilemma

Public meeting for the proposed sand mine at Maroochydore last week.

Coast MP calls on Minister to stop KRA proposal with stroke of a pen

Ready to SELL your property?

Post Your Ad Here!