Why we want to help you
This website is dedicated to providing help to members of our community who may be, or have been, victims of negligent, deceptive or fraudulent financial conduct in the banking and financial services sector. It is imperative parliamentarians and industry collaborate with victims in order to understand, and address the problem. Lenders, product issuers, accountants, advisers must be held to account along with successive governments which have enabled gross incompetence in the regulatory system and failed to protect Australians due to inadequate legislation.
We want to assist you to document and report your concerns to regulatory bodies despite their current limitations and to strongly encourage you to meet in person with your local Federal MP. Reputable media, such as award-winning journalist, Adele Ferguson at Fairfax, is also an important avenue to pursue.
Unfortunately, tens of thousands of innocent Australians have lost their homes, hundreds of thousands of dollars, Self Managed Super Funds, share portfolios with personal, family and health impacts, well beyond financial decimation, because of banks and product issuers through in-house or so-called ‘independent’ financial advisers or accountants.
The HNAB Action Group (HNAB-AG) was formed by past clients who were financially ruined by Melbourne based accountants and financial planners (Peter Holt, Bill Norman (now deceased), Bill Ashman and Craig Baker). Another advisor of the firm was Angela Laughlin who worked alongside Peter Holt and Associates before establishing her own company under Holt's dealer licence for a period of time - Marble Arch Wealth Solutions. Two of the partners of HNAB now operate as an accountancy practice called Holt Baker Pty Ltd and the financial planning arm of the practice is called HBM Advisers Pty Ltd under the WealthSure banner.
We do not want to see other people go through this experience. We are here to help you.
This photo was taken during a meeting on Sunday 6th July, 2014 and represents just a small number of victims of industry's collaboration with Peter Holt and Associates.
02/05/2018 - Open Letter to Prime Minister Turnbull
04/05/2018 - Consumer Protections Needed - KordaMentha, ANZ, Timbercorp example (updated)
04/05/2018 - Timbercorp-Holt victims respond to KordaMentha's Testimony (updated)
Liquidator KordaMentha, ANZ and Timbercorp warrant a Royal Commission in themselves.
They are a classic example of unscrupulous components of industry who use smoke and mirrors, inadequate consumer protections and an army of lawyers and QCs to muddy the waters to such a degree that simple, plain facts are lost and victims are rendered powerless.
This is driven by the most senior executives through to the Board. There is ample evidence.
**Click on heading above to see the attached document which is information tabled to the public hearing of the Senate Inquiry into Consumer Protection in the Banking, Insurance and Finance Sector.
18/12/2017 MEDIA RELEASE
**Click on link above to see the Media Release
30/11/2017 HNAB-AG STATEMENT: Response to government calling a Royal Commission
Government is to be congratulated on finally establishing a royal commission into the banking and finance sector. It is an inevitable, long overdue, and very welcome development. It is thanks to the hard work over years by fellow victims of the banking and finance sector, Labor, the Greens and various independents and coalition members as well as industry members with integrity and concerned for ethics.
In brief, HNAB-AG seeks to underscore:
1. The government and banks must not be allowed to sabotage a RC by limiting the Terms of Reference - these must be the broadest possible - they must include liquidators and the ATO not just banks, advisors and insurers. The agenda must not be set only by banks and government without consultation with victims.
2. Only $75m has been allocated to run the royal commission - yet $120m was allocated for a non-binding survey on the human rights of marriage equality for our LGBTIQ Australians. It must be funded for as long as necessary to do the job properly and create meaningful and radical change.
3. Labor, the Greens, certain independents and some coalition parliamentarians are the reason this RC is finally occurring. Victims cannot convey their gratitude. We know it will reveal to power structures and all Australians what victims have sought to have heard for years.
4. While certain improvements have been made by government, victims have not been adequately heard, responded to or provided with redress for what is ultimately the failure of successive governments and regulators in allowing inadequate consumer protections and failure to ensure meaningful due diligence was required of industry or to impose meaningful penalties.
5. Victims deserve a Retrospective Financial Redress scheme of Last Resort to provide restitution for direct, indirect and compounding losses as well as compensation for incalculable financial losses in addition to pain and suffering. The financial devastation leads to life-altering impacts in all aspects of life with intergenerational consequences.
6. Government must include victims in designing the TOR and establishing and operating a Retrospective Financial Redress Scheme of Last Resort - not merely a 'compensation scheme.'
7. Emeritus Professor Bob Cummins has said, related to work he and his researchers at Deakin University have conducted, that financial stress produces feelings similar to physical torture. Victims would add that when uncertainty and distress is not due to their action but that of power structures who should have been trustworthy and further compounded by the failure of other power structures to intervene or assist, it is impossible to convey the impact on them and their families and loved ones.
Members of HNAB-AG have endured this for at least 9 years - some known to us for 15.
This royal commission is not a moment too soon.