CBA 'squarely to blame' for Storm collapse: Cassimatis
Storm Financial founder Emmanuel Cassimatis has reportedly blamed the Commonwealth Bank for the failure of the dealer group.
Cassimatis reportedly told Nine Network and ABC Television, among other outlets, that the Commonwealth Bank was “squarely to blame” for the collapse.
“My finger points squarely at the Commonwealth Bank,” he said. “The cause of what has happened is where they (Commonwealth Bank) dropped the ball.”
The bank has denied any wrongdoing in the collapse of Storm, the Nine Network reported.
Cassimatis said Storm, which was closed by administrators on January 15 with the loss of 115 adviser and other jobs, was not at fault.
“Our clients trusted us implicitly. We trusted the bank. It went horribly, horribly wrong,” he said, speaking publicly for the first time since the company’s closure.
Recommended for you
With the final tally for FY25 now confirmed, how many advisers left during the financial year and how does it compare to the previous year?
HUB24 has appointed Matt Willis from Vanguard as an executive general manager of platform growth to strengthen the platform’s relationships with industry stakeholders.
Investment manager Drummond Capital Partners has announced a raft of adviser-focused updates, including a practice growth division, relaunched manager research capabilities, and a passive model portfolio suite.
When it comes to M&A activity, the share of financial buyers such as private equity firms in Australia fell from 67 per cent to 12 per cent in the last financial year.
