Customers of South West Credit don't fear the same fate as investment group Banksia.
WHILE shockwaves continue from the collapse of investment group Banksia, customers of Warrnambool-based South West Credit have given the institution the thumbs-up in confidence.
Chief executive David Brown told The Standard yesterday his staff had kept a diary of customer comments since administrators were appointed to Banksia on Thursday to unravel the mess which engulfed about 30,000 investors.
“Our members understand we operate on a different model to Banksia and offer the same level of security as banks,” he said.
“This confidence by members is probably a result of the branding message we’ve been sending out for the past few years.
“All credit unions are authorised deposit-taking institutions (ADI) and are regulated by the Australian Securities and Investment Committee under the Corporations Act.”