EUFA welcomes the Consumer report on the finance industry, as it confirms the ongoing message that EUFA have been delivering at every juncture for over two years.
The derogatory attitude held against Mum and Dad investors now fly’s in the face of every critic and delivers the EUFA message formally.
Every issue in the report has been raised with Government, Authorities, the industry and the public by the EUFA organisation and while the organisation has in the past come under considerable criticism the investors can now reasonably expect action.
Coordinator of EUFA Suzanne Edmonds said from Tauranga today “We are delighted at the consumer report as it has made the Mum and Dad investors, who have stood up against the mass malpractice, feel vindicated and will be seeking support to receive restitution.”
EUFA will be expecting the Government to take appropriate action against the industry players. The report is deemed by EUFA as a mighty blow to politicians, their advisors, officials and Authorities and the industry including the large companies involved.
The report is also disturbing given that mal practice is widespread and continuing.
The EUFA organisation was founded on the well known McSoriley / AMP case. AMP was part of the mystery shopper programme carried out by the Consumer organisation with the report claiming the advice by AMP was “disappointing.” The McSorileys advisor continues to be an AMP advisor who since giving the McSorileys advice has changed his shop front but continued with AMP. He has been a Managing director of three advisor companies since the McSorileys got their advice.
Jim McSoriley continues to seek restitution for the advice they received.
Jim McSoriley said from Wellington this afternoon;
“ I will never rest over our case as the AMP's advisor has ruined our lives, caused us the loss of our home and the advisor needs to be held to account.”
He added “We are encouraged by the consumer report and we now intend to vigorously seek restitution in any way possible”.