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EUFA: New Year Horror Stories From Investors

EUFA: New Year Horror Stories From Investors

The New Year emails to the EUFA (Exposing Unacceptable Financial Activities) website have been bringing in more horror stories from investors who have been sold a 'financial product' under the 'smoke screen' they were receiving financial advice. The 'Salesman' Advisor has made a very negative impact on investors lives and the lives of the Advisors conducting professional and sound advice. Their greed has been a major factor in damaging the industry's credibility.

With EUFA in its infancy the group expect an influx this year of more horror stories of lost money through investments, based on bad advice and misleading finance company information. 2008 will be a year filled with uncertainty for those who have lost huge amounts of capital with the rest of their cash frozen, while Receivers see how much they can return.

EUFA will be very proactive this year, turning to Members of Parliament, appropriate government agencies and involved commercial companies for support. All possible resources must be made available to ensure victims receive a just outcome and are treated appropriately.

It is no longer acceptable for agencies, e.g. the Commerce Commission, Serious Fraud Office/Policing departments, Securities Commission etc to be under funded and under resourced. EUFA will be seeking that the Government take immediate action to allow the investigations to begin and not be shelved. Being under funded is no longer an acceptable excuse.

From lessons learnt after the 1987 the share market crash the finance industry has been left to run a muck and/or flout existing laws. EUFA with its collective individual investors are demanding accountability to achieve recovery. Overseas insurance companies need to take responsibility and become involved in seeing their valued customers are not left carrying the can as the companies enjoy record profits and that are being taken out of our NZ economy.

Suzanne Edmonds said today, " We are not prepared to let this be whitewashed. Huge recourses are poured into areas that have a far less diverse effect on the people than the finance collapses have had, therefore we can reasonably expect all Members of Parliament to get in behind EUFA to ensure that peoples human rights of an effective remedy are provided to right the wrongs.

While it is election year, EUFA will not be letting Members of Parliament turn the issue into a political football, as all parties who have been in power have neglected this industry's behaviour and let this disaster happen over the past two decades. As Members of Parliament, no matter what alliance, the Members have a duty of care to their constituents (investors) to work together to help those affected.

The Nationwide EUFA Road Show meetings for investors, begins in Orewa on 21 January 2008 and finishes in Invercargill on 1 February 2008.


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