No evidence of dishonest conduct with Storm clients: Bank of Queensland
There is no evidence of dishonest conduct by the Bank of Queensland in relation to loans to former clients of Storm Financial, according to a statement released by BOQ.
In a statement released today, BOQ said there was no evidence the bank had engaged in any misleading, deceptive or unconscionable conduct in relation to its lending with Storm clients.
The majority of customers associated with the failed financial planning group are repaying their loans according to their loan contracts. BOQ has approximately 319 clients associated with Storm, with loans of about $105 million, and they are secured by residential property, the bank said. BOQ has received 15 applications of hardship and has approved 14 of them.
The bank did not have any commissions or bonus relationships with Storm, nor did it promote their products, the statement said.
BOQ said it has not received any legal proceedings from Slater and Gordon, the law firm that is representing many former Storm clients, and is not under formal investigation by the Australian and Securities Investments Commission, and it will inform the market if that changes.
AUTHOR
Benjamin Levy
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