Storm Financial victims are calling on banks to pull their heads out of the sand and settle claims for loans that were struck by “con men”.

The Commonwealth Bank of Australia (CBA) has settled claims for 53 out of more than 2,000 clients who took out loans with failed financial planners Storm Financial.

Law firm Slater and Gordon announced the breakthrough on Wednesday evening, but lawyer Damian Scattini said it was only the beginning.

“So far so good, but we’re not popping the champagne … it’s only 53 (clients) of over 2,000, so we’re a long way from home,” said Mr Scattini, whose firm is representing the Storm victims.

“They’ve got a sustainable future now that they didn’t have before.”
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