The Storm Investors Consumer Action Group is deciding whether it will report financial planners who they allege have taken advantage of former Storm clients.

The group’s Joint Chairman, Mark Weir, told insuranceNEWS.com.au clients ran into trouble after the Financial Planning Association (FPA) offered Storm clients access to members on a pro bono basis.

“For many the first consultation embraced getting their personal details and circumstances and some even quoted an upfront fee of $200,” he said. “Others got the free consultation then went on to a second consultation where again nothing of any great depth or complexity arose – yet one couple ended up with a bill of more than $1600.”

Mr Weir says financial planners offered by Colonial First State appeared to be there to work in the interest of the bank rather than of Storm clients.

“I don’t believe that it is too widespread,” he said. “In all forms of endeavour there will be people who will do the right thing and others who will see it as an opportunity to be exploited.”

Another financial planning group is advertising seminars specifically set up for Storm clients, but Mr Weir said until he went along and found out otherwise he had no reason to be suspicious.

Meanwhile, the Australian Securities and Investments Commission (ASIC) has won an extension on its freeze of a $2 million payment to Storm Financial founders Emmanuel and Julie Cassimatis.

The Queensland Supreme Court last week granted the regulator an extension until March 25.