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“Sterling Group victims deserve compensation”

CHOICE response to the Senate Economics Reference Committe’s report into the Sterling Group.

Quotes attributable to Alan Kirkland, Chief Executive Officer of CHOICE:

"We welcome the Senate Economics References Committee releasing its report into the collapse of the Sterling Group. The stories of financial and emotional harm that victims shared before the Committee were heartbreaking." 

"Sterling Group victims deserve compensation for the misconduct that has occurred but the Government's proposed Compensation Scheme of Last Resort will exclude them. The compensation scheme must be expanded to include managed investment schemes or injustices like this will continue to occur." 

"If we fail to learn the lessons of the collapse of Sterling Group, similar scandals will continue to occur, with many more people suffering financial loss as the result of misconduct. The government must act on the findings of the report to ensure these kinds of scandals don't happen again."

Media contact: Katelyn Cameron, 0430 172 669,

Editor's notes:

A government bill to establish a Compensation Scheme of Last Resort as recommended by the Banking Royal Commission is currently before the Parliament.

CHOICE's submission to the Senate Economics References Committee can be found here.