Finance company victims still want Royal Commission of Inquiry

Suzanne Edmonds. Photo / Brett Phibbs.

Investors who lost money in failed finance companies still want a Royal Commission of Inquiry, even though Parliament's commerce select committee has launched its own investigation.

Representatives of the pressure group Exposing Unacceptable Financial Activities (EUFA) appeared before the committee today, presenting evidence to back their petition calling for a Royal Commission to be appointed.

EUFA coordinator Suzanne Edmonds said the committee's investigation might lead to legislation that protected future investors but would not "make it right" for those who had already lost their life savings.

"We've got really suffering people, some are suicidal, it is so real and we don't get any responses from the Government," she said.

"We must focus, somehow, on making sure people are held to account."

Edmonds said the victims of the failed companies had no money to hire lawyers.

The petition rests on arguments that finance companies attracted money dishonestly and that people have a right to be protected against dishonesty and the violation of their individual rights.

It is also argued that statutory authorities failed in their oversight of the failed companies.

Committee chairwoman Lianne Dalziel said the investors seemed to be asking for an inquiry which would get their money back, but that was not going to be possible.

The committee will consider the petition and the evidence presented and make recommendations to the Government.

The Government will then respond to those recommendations.

NZPA