The big banks have been urged to follow the lead of the Commonwealth Bank in providing compensation to former Storm clients.
The Storm Investors Consumer Action Group says it hopes other banks will follow suit and compensate investors.
Last month the head of the Commonwealth Bank, Ralph Norris apologised to those affected by the collapse of the North Queensland based investment advisory firm, Storm Financial, and began working with law firm Slater & Gordon to settle compensation claims.
The Commonwealth Bank announced yesterday that it has put aside a “reasonably significant” amount of compensation for the clients.
Group spokesman Noel O’Brien has urged other banks to follow suit.
“Just because we’ve got CBA talking to us we’re not going to give up until everybody’s got some sort of compensation, some sort of package that they can get on with their life with,” he said.
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