Angry retirees who lost their life savings in a failed 'rent for life' scheme rallied in Mandurah on Friday, calling on the corporate regulator to take responsibility.

Dozens of protesters gathered at David Grays Arena with signs and placards to urge the Australian Securities and Investments Commission to compensate them for the millions they lost at the hands of the failed Sterling First scheme.

Retirees who lost their savings in a failed 'rent for life' scheme rallied in Mandurah on Friday. Credit:Nine News

Prior to its collapse in June, the company offered lifetime lease packages to pensioners and retirees, allowing customers to rent properties for a certain amount of time instead of buying a house.

Many caught up in the Stirling First debacle are now facing homelessness, some while battling terminal illnesses, after handing over the life savings to the company.