A group of people who lost significant amounts of money as a result of the collapse of Trio Capital and Astarra are moving to seek compensation via an 'Act of Grace' claim to be submitted to the Minister for Finance, Penny Wong.
The group, operating under the umbrella of the Victims of Financial Fraud (VOFF), declared their intention to seek the 'Act of Grace' payment late last week and has invited affected people to join in their action.
It is intended to lodge the claim for an 'Act of Grace' payment in December.
The VOFF has claimed that the people affected by the collapse of Trio and Astarra were impacted by failures on the part of Australia's financial services regulators – the Australian Securities and Investments Commission and the Australian Prudential Regulation Authority.
According to a statement issued by the group, the financial regulators were guilty of exacerbating the situation around the Trio and Astarra collapses because they did nothing about the warning signs.
Further, it claimed the existing legislation favoured the industry above ordinary mum and dad investors.
