Is any action being contemplated against Westpoint’s auditors, KPMG?
• Investors sought a time frame for the investigation because some feared they would lose their homes, having borrowed to invest in Westpoint. • Why didn’t ASIC act sooner? Wasn’t it ASIC’s role to make sure that financial advisers were not promoting this product? • Did ASIC receive a letter in 2002 from the Consumer Affairs Minister? ASIC’s responses to these concerns Recovery for investor losses ASIC is committed to helping investors recover losses. This may involve ASIC working with the liquidators and financial service providers where necessary. ASIC referred to a document handed out to investors during the meeting called the Essential Information if you are concerned about the financial advice you received to invest in Westpoint. Investors were urged to get their paperwork together so that they could lodge a claim first with their licensed adviser, and if this fails, with FICS. FICS can be contacted for their brochure on 1300 780 808. Details of the dispute resolution process were
