Well we know what ASIC has been busy with this past decade:  handing out fines to Brokers for "non compliance of its old and new laws."  We have been consistently warning Australian Mortgage Brokers that ASIC will come after you chaps but will not use the 2010 laws against fraudulent loans generated by bank engineered SERVICE CALCULATORS that automatically fudge client income figures.   ASIC have been fully briefed on what is going on but refuse to act against the PROTECTED Bankers.  ASIC have the laws and the powers to handcuff and charge every bank executive involved in LIAR LOAN engineering.  So what is ASIC doing about that gem?  Absolutely NOTHING..........NIENTE......ZIP............In three years the "new" laws are now "old" laws and they are copies of previous legislative tools that ASIC had in its arsenal but failed to use for 14 years.  AUSTRALIAN BANKS have been handsomely profiteering, racketeering from fraudulent LOW DOC AND FULL DOC LOANS. 

ASIC are in fact a fraud riddled regulatory non service.  We know by experience.  Our members know, as their files are full of ASIC excuse letters.  So have pity for this poor bloke in South Australia......he forgot to fill in his compliance certificate and Greggie Medcraft has decided to "get tough!"

Glory Be.....we have HUEY AND DOOEY (Medcraft and Kell) running ASIC.  Is it any wonder we have problems in the finance market, the banking market and the property market.  Wake up Australia.  This is "Breaking News!!!"

Breaking News: Broker banned for failing to lodge compliance certificates

by AB | 15 Oct 2013

ASIC has banned finance broker Alexander Dryden of West Croydon, South Australia, from engaging in credit activities and suspended his Australian credit licence for six months.

ASIC surveillance found Dryden, who had been trading as 'Gryphon Financial' had contravened theNational Consumer Credit Protection Act 2009 (Cth) (National Credit Act), by:

  • failing to lodge an annual compliance certificate within 45 days after the licensing anniversary of his Australian credit licence and
  • threatening to lodge a caveat to induce a consumer to pay an amount to him for his credit assistance.

Commissioner Greg Tanzer says that ASIC regularly checks the veracity of information lodged as part of the requirement to lodge annualcompliance certificates. 

"Licensees who think that we do not check the information they lodge with us, or that we do not ensure they lodge their ACC, are wrong. This activity is a regular and ongoing focus for ASIC," he says.

ASIC identified this conduct as part of its annual compliance certificate verification program during which a sample of compliance certificates lodged by licensees with ASIC were reviewed. 

Dryden was one of the sample of licensees to have compliance certificates checked as part of the 2013 verification program.