Clients of Storm Financial (Storm) have claimed they received copies of strangers’ files instead of their own when they applied to Colonial Geared Investments (CGI) for their loan documents in the months after the advice firm’s collapse.
In a submission to the Parliamentary Joint Committee on Corporations and Financial Services inquiry into financial products and services in Australia, the Storm Investors Consumer Action Group (SICAG) said many clients formerly applied to CGI, the margin lending division of the Commonwealth Bank of Australia (CBA), after file doctoring murmurs filtered through the industry.
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