Self-funded retirees to suffer big losses

Self-funded retirees look set to lose $30m after Wickham Securities went into administration. Source: AAP

MORE than 300 self-funded retirees look set to lose about $30 million after the financial services firm Wickham Securities went into administration.

The directors of the Brisbane-based company have appointed Grant Sparks and David Leigh of PPB Advisory as administrators, a media statement said on Monday.

The administrators will report to creditors later this month, and a creditors meeting will be held in Brisbane on February 6.

A recommendation on the future of the company will be presented to the February 6 meeting.

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