Adele Ferguson clarifies comment about Naomi Halpern in reprint today of landmark book 'Banking Bad’ - 9 August 2019 




Why we want to help you


This website is dedicated to providing help to members of our community who may be, or have been, victims of negligent, deceptive or fraudulent financial conduct in the banking and financial services sector. It is imperative parliamentarians and industry collaborate with victims in order to understand, and address the problem. Lenders, product issuers, accountants, advisers must be held to account along with successive governments which have enabled gross incompetence in the regulatory system and failed to protect Australians due to inadequate legislation.

We want to assist you to document and report your concerns to regulatory bodies despite their current limitations and to strongly encourage you to meet in person with your local Federal MP. Reputable media, such as award-winning journalist, Adele Ferguson at Fairfax, is also an important avenue to pursue. 

Unfortunately, tens of thousands of innocent Australians have lost their homes, hundreds of thousands of dollars, Self Managed Super Funds, share portfolios with personal, family and health impacts, well beyond financial decimation, because of banks and product issuers through in-house or so-called ‘independent’ financial advisers or accountants.

The HNAB Action Group (HNAB-AG) was formed by past clients who were financially ruined by Melbourne based accountants and financial planners (Peter Holt, Bill Norman (now deceased), Bill Ashman and Craig Baker). Another advisor of the firm was Angela Laughlin who worked alongside Peter Holt and Associates before establishing her own company under Holt's dealer licence for a period of time - Marble Arch Wealth Solutions. Two of the partners of HNAB now operate as an accountancy practice called Holt Baker Pty Ltd and the financial planning arm of the practice is called HBM Advisers Pty Ltd under the WealthSure banner.

We do not want to see other people go through this experience. We are here to help you.


This photo was taken during a meeting on Sunday 6th July, 2014 and represents just a small number of victims of industry's collaboration with Peter Holt and Associates.


Concerted efforts occur to discredit victims and thwart exposure of misconduct or unprofessionalism - we welcome the opportunity to address concerns or queries you may have about HNAB-AG and representatives.


February 2023 - Plea for integrity – retrospective financial redress NOW


September 2021 - Victims Demand Fair Financial Redress (updated)


February 2020 - Call for Retrospective Financial Redress of Last Resort

November 2019 - Post Hayne Royal Commission....Business as usual for AMP   &    ASIC Chair vows to intervene &   Banks facing tougher penalties but regulators still soft

November 2019 - Response to Prime Minister to reply from PM’s office re fair go for financial redress


February 2023 - Open Letter to Prime Minister Anthony Albanese - Integrity, dignity and a fair go



August 2019 - Open Letter to Prime Minister Scott Morrison - fair go for victims excluded from redress scheme


July 2019 - Holt victims excluded from Compensation Scheme for the very reasons that drove the need to establish it (updated)

June 2019 - Comparison Table: Government’s Compensation Scheme of Last Resort versus Labor’s fair-go proposal

March 2019 - Lost Opportunity in Hayne Commission: Redress Scheme Concerns (updated)

24/09/2018 - What You Need To Know About KordaMentha’s Timbercorp Deed (updated)

02/05/2018 - Open Letter to Prime Minister Turnbull

04/05/2018 - Consumer Protections Needed - KordaMentha, ANZ, Timbercorp example (updated)

04/05/2018 - Timbercorp-Holt victims respond to KordaMentha's Testimony (updated)


Liquidator KordaMentha, ANZ and Timbercorp warrant a Royal Commission in themselves.

They are a classic example of unscrupulous components of industry who use smoke and mirrors, inadequate consumer protections and an army of lawyers and QCs to muddy the waters to such a degree that simple, plain facts are lost and victims are rendered powerless.

This is driven by the most senior executives through to the Board. There is ample evidence.

 **Click on heading above to see the attached document which is information tabled to the public hearing of the Senate Inquiry into Consumer Protection in the Banking, Insurance and Finance Sector.


18/12/2017 MEDIA RELEASE

ANZ / Timbercorp / KordaMentha: a prime example of what's wrong with industry - it must be heard at the Royal Commission

 **Click on link above to see the Media Release


30/11/2017  HNAB-AG  STATEMENT:  Response to government calling a Royal Commission

Government is to be congratulated on finally establishing a royal commission into the banking and finance sector. It is an inevitable, long overdue, and very welcome development. It is thanks to the hard work over years by fellow victims of the banking and finance sector, Labor, the Greens and various independents and coalition members as well as industry members with integrity and concerned for ethics.

In brief, HNAB-AG seeks to underscore: 

1. The government and banks must not be allowed to sabotage a RC by limiting the Terms of Reference - these must be the broadest possible - they must include liquidators and the ATO not just banks, advisors and insurers. The agenda must not be set only by banks and government without consultation with victims.

2. Only $75m has been allocated to run the royal commission - yet $120m was allocated for a non-binding survey on the human rights of marriage equality for our LGBTIQ Australians. It must be funded for as long as necessary to do the job properly and create meaningful and radical change.

3. Labor, the Greens, certain independents and some coalition parliamentarians are the reason this RC is finally occurring. Victims cannot convey their gratitude. We know it will reveal to power structures and all Australians what victims have sought to have heard for years. 

4. While certain improvements have been made by government, victims have not been adequately heard, responded to or provided with redress for what is ultimately the failure of successive governments and regulators in allowing inadequate consumer protections and failure to ensure meaningful due diligence was required of industry or to impose meaningful penalties. 

5. Victims deserve a Retrospective Financial Redress scheme of Last Resort to provide restitution for direct, indirect and compounding losses as well as compensation for incalculable financial losses in addition to pain and suffering. The financial devastation leads to life-altering impacts in all aspects of life with intergenerational consequences.

6. Government must include victims in designing the TOR and establishing and operating a Retrospective Financial Redress Scheme of Last Resort - not merely a 'compensation scheme.'

7. Emeritus Professor Bob Cummins has said, related to work he and his researchers at Deakin University have conducted, that financial stress produces feelings similar to physical torture. Victims would add that when uncertainty and distress is not due to their action but that of power structures who should have been trustworthy and further compounded by the failure of other power structures to intervene or assist, it is impossible to convey the impact on them and their families and loved ones. 

Members of HNAB-AG have endured this for at least 9 years - some known to us for 15. 

This royal commission is not a moment too soon.


Holt Norman Ashman Baker Action Group       

PO Box 5043, Moreland West LPO       


Email: This email address is being protected from spambots. You need JavaScript enabled to view it.     




What you should know about Peter Holt, Craig Shepard, Catriona Lowe, TIMBERCORP and ANZ

HNAB-AG SURVEY reveals grave concerns about the HARDSHIP PROGRAM

Nine months since the special Senate Hearing into Timbercorp, subsequent information at the Hearing into Forestry MIS, August 2015, reinforces data from a HNAB-AG survey about ongoing concerns and misleading and deceptive conduct.

The opaque Hardship Program lacks accountability. It forces people to conclude misconduct-related debt – including loans in which they were placed without their knowledge at all, or via deceptive conduct - so yet again they are subjected to financial demands with NO TRANSPARENCY OR PROTECTION.

Catriona Lowe has made substantial errors and effectively advocates for Craig Shepard pushing people who have endured years of protracted distress, to comply with the liquidator’s demands thus extracting yet more money on the backs of victims of financial misconduct.

Craig Shepard’s refusal to exercise the full range of his power under statutory obligations, Catriona Lowe’s conduct and ANZ’s failure in its moral and ethical duty, as well as its role in taking over Timbercorp’s loan book, are all cause for serious questioning and reinforce the call for a Royal Commission into the industry.

Genuine political leadership to stop banks and power-brokers in the finance sector buying favour to silence or control review is essential to restore public trust and confidence.

It is the only way to address white collar crime that exists in plain sight within the financial services industry.


Click here for 2 page SUMMARY

Click here for DETAILS and main SURVEY RESULTS



These documents and forms have been designed to assist you to safeguard your finances  

Protect yourself and be informed !

Induction form for Financial Advisors - Part 1

Induction form for Financial Advisors - Part 2

ASIC Complaint Form

Questionnaire for victims of Financial Advisors if you are seeking ASIC assistance.

Guidelines to assist making a submission to the Senate Inquiry into Managed Investment Schemes (MIS)



August 2013 onwards sees some interesting articles in The Age.

Lawyers John Voitin and Simon Nixon were also associated with Peter Holt as can be seen in the attached copy of Peter Holt's personal bankruptcy petition of June 2011.

Article - Fake lawsuits cited in 'scam' worth millions

Article - Lawyer denies hiding creditor assets

Article - Solicitors await 'fake debt' ruling

Article - Tangled web of Deceit, debt and lawyers

Article - Link between Voitin, Nixon and Sowersby with DAPAL Limited 

Related Court Ruling - Cross v Rullo linking Athena and DAPAL Limited

Peter Holt owed Simon Nixon Solicitors $14,660,000 and Voitin Lawyers $28,500 plus a lot of money to other Law Firms......

Also, see this story regarding insolvency liquidator Andrew Wily who is the Trustee of Peter Holt's bankruptcy - Commission's inaction leaves insolvency industry free from adequate regulation

Peter Holt's business partner - William John Norman of Holt Norman & Co (now in liquidation) has also had dealings with Voitin Lawyers.  What is interesting is Bill's personal bankruptcy as can be seen on this attached document number 1174/11/9 released by ITSA in April 2011.  Note link to DAPAL Limited and the article featured above.

September 2011 Information about activities of Andrew Wily

November 2014 - Timbercorp liquidators seek to remove Andrew Wily as bankruptcy trustee for Peter Holt  

13/02/2015 Exclusive - Sydney Insolvency News

Read this article about Andrew Wily relinquishing his bankruptcy ticket.

Our comment......

Victims of banned adviser Peter Holt (HNAB Action Group) wrote to Wily on 26 July 2013 with concerns about Holt's (fake debt) bankruptcy and related specific questions including a court case in the Supreme Court of South Australia in April 2013 with Total Beverage Australia P/L in which it was indicated Holt endeavoured to arrange a deferred payment of $865,000 as a way of securing assets beyond the reach of his creditors. Despite Wily's obligation to respond as the Bankruptcy Trustee, we received no response. It's pretty obvious why a Melbourne based bankrupt would use his friend as a Trustee in Sydney. The spin from these white collar criminals.... The photo in your story says so much, on so many levels!

07/05/2017 - 60 Minutes article

Ross Coulthart: How can the National Australia Bank choose to work with a person like this?

Note - this person has the same bankruptcy trustee as did Peter Holt - Andrew Wily of Sydney.