The announcement by the Australian Securities and Investments Commission that it will institute legal action against parties at the forefront of the collapse of Storm Financial is long overdue.

The Nationals Senator for New South Wales John Williams has constantly questioned ASIC at Senate Estimates hearings as to why its investigation into the collapse has taken so long, but says it is good to get a definitive outcome.

Senator Williams says initially all banks denied liability for the wipe-out which took away life savings from thousands of investors and forced retirees back into the workforce.

"To their credit the Commonwealth and ANZ banks eventually came up with a resolution scheme that have been accepted by some, but the Bank of Queensland and Macquarie have continued to remain at arm's length.

Storm Financial was a disaster waiting to happen and when it did the blame game began between the lenders and the operators with the bewildered investors caught in the cross fire.

There has been little or no accountability from the banks or the founders of the Storm model. Hopefully that will change in the near future", Senator Williams said.