Momentum Builds Against Money Managers

Momentum Builds Against Money Managers

EUFA is pleased to announce the development of a website focused on addressing the needs of Money Managers clients both past and present.

A few months ago, the Money Managers Action Group was formed by EUFA to provide a focus for the many clients of Money Managers who have lost money – most of them having lost their lifetime retirement savings.

“Over $200m has been lost without an explanation” said Suzanne Edmonds, EUFA’s Coordinator. “We are after urgent action and so have formed this group to research the company’s history and lobby for redress.”

The group now has a lot of information which it has passed on to the relevant authorities – and they are starting to listen. But with affected individuals nationwide it was felt necessary to launch a website www.moneymanagersactiongroup.org.nz to provide a forum for everyone affected.

“We launched www.moneymanagersactiongroup.org.nz less than a month ago and the feedback has been terrific” said John Simmons, the Action Group’s Coordinator. “More people are joining every day, and their stories and support strengthens our resolve to press for redress”

What is the Money Managers Action Group?

We are an organization for clients of Money Managers who have suffered financial losses over the past few years and are looking for advice, support and direction on how to seek redress for the losses to their retirement nest-egg.

Our members share similar stories of trusting their Money Managers sales agents without reservation. However it has now been revealed that the recommended investments were entirely inappropriate for them.

Very conservative investors have discovered their retirement savings were used to fund a used car finance business or to finance developing geothermal projects.

As a Group we are investigating where customer’s retirement money was invested, inquiring whether it was in accordance with promises made by sales agents and pressing for recompense where a suitable case can be established.

By joining the Action Group members share a common purpose which can help ease the pain they have suffered from losing their retirement savings.

The Money Managers Action Group acts within the auspices of EUFA.

People can find out more by visiting www.moneymanagersactiongroup.org.nz

What is EUFA?

Exposing Unacceptable Financial Activities Society Incorporated (EUFA) has been formed to find some accountability for investors with nowhere to turn to seek restitution.

EUFA is working to seek out victims of financial abuse by irresponsible
Financial Advisors. It aims to bring people power to the industry and demonstrate the human devastation caused by unacceptable financial activities.
The financial crisis has left a $6 billion hole in people’s retirement savings so EUFA intends to expose those who are responsible for the finance company collapses and the crisis this has caused.

Finally it is working to hold accountable the industry and Government, for failing to ensure customer protection and advisor accountability.

People can find out more by visiting www.eufa.co.nz

ENDS

© Scoop Media