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BFCSA: ASIC grilled at Senate Hearing: ASIC bleatings of guilty as CORPORATE PROTECTOR destroy confidence and trust

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A mea culpa from ASIC

Updated Thu 10 Apr 2014, 9:35pm AEST

It's been a humbling day for ASIC. The corporate regulator has confirmed it was far too slow to take action against the Commonwealth Bank over a scandal in its financial planning arm. It's tardiness prompted a Senate inquiry into the regulator which resumed today in Canberra.

What a miserable bunch these highly paid public servants turned out to be.   Now the long suffering public can see why so many retirees have lost money in listening to Financial Planners and the FP Industry.  Thanks to the tenacity of the Senators in a bi-partisan approach at serving the people well, we can see why so many pensioners have lost their homes to corrupted Banks and Lenders.  Toxic Managed Investment Scams, toxic Low Doc Mortgage Loans, collapses all over the place, straw companies......the list is endless and the losses more than $200 billion and why?????

ASIC public servants did not give one long as their mates were save.  These people had not stepped outside to even meet a consumer....would not know what one looked at.  ASIC cost me in particular 15 years of my life, trying to clean up an industry and assist people who were left dangling helplessly from the cliff top, staring into the abyss of financial ruin and in some cases death from stress and despair.  No-one cared, least of all ASIC overpaid luminaries.  Medcraft behaved in an awkward and aloof manner, no longer the figure of international "success" he believed himself to be.

Yesterday, at the Senate hearing into ASIC PERFORMANCE, not one of these self-centred monsters said "sorry," to any of the tens of thousands of consumers who had complained about Bankers and corporate directors to ASIC.  Instead everyone of the complainants received the usual ASIC created letter (circa 1998) "bugger off - go and get a lawyer - see if we care."

The excuses uttered were pathetic.  Senator Williams didn't hold back and neither did the Chair, Senator Mark Bishop - good men and true, who were appalled at the evidence that has been forthcoming against ASIC's profound, systemic and sustained negligence and malfeasance in public office.

I hope as a nation, we call in the Australian Federal Police - however, since ASIC was friendly and "teaching the Police" according to evidence, perhaps we need to call in the Australian Defence Force to protect us from white collar crime.

The AFP ignored consistent cries for help against ASIC the past three years and maybe longer. 

Never again should the corporate regulator be placed in charge of CONSUMERS.   A pox against those who came up with that disastrous light bulb moment decade or so ago and allowed the ordinary decent Australian Mums and Dads to be targeted and pounced upon by greedy banks and corporate raiders using financial planners as the middlemen.

WE have had a sub prime market festering for years and a corrupt corporate regulator ready to protect its mates at every turn.

Thousands were glued to their internet for 6 hours and heard every word in Parliament, yesterday.  Now we know, what do we do next?  We need some leadership, not reforms for a totally untrustworthy system.  No wonder consumers have lost confidence. 

Medcraft sat there unrepentant.  He has no idea what constitutes a CONFLICT OF INTEREST.  Words to say "we could do better" after the carnage will not cut with ordinary Australians.

ASIC's non action against the perpetrators was profound and carried on for nearly 2 decades.  A policy of "just bury the bodies and move on."  Tanzer said: "if not we are off to court."  Personally and on behalf of our members, I hope you are all charged with gross negligence and covering up criminal activity in the disgraceful world of white collar crime.

Did you all notice how ASIC is still trying to blame planners and brokers and not the ENGINEERS - the BIG END OF TOWN and particularly THE AUSTRALIAN BANKERS.  ASIC was running its own style of protecti0on rackets and now the regulator needs to be demolished and rebuilt.

Next we have the Inquiry into Banking rung by the very same Banker who was one of the BIG FOUR whilst all these Mums and Dads were losing their homes and continue to do so.  How is that situation - a widespread coerv-up of criminal intent regarding financial products and money, good for the economy? 

Joe Hockey you should be utterly ashamed.  NO BANKERS JOE.  NO TRUST AND NO CONFIDENCE.  Time to replace David Murray!

The best thing is the truth is finally oozing out as to why our corporate regulator looked after its mates.  Its just the start as there is so much more to come.              This email address is being protected from spambots. You need JavaScript enabled to view it.


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  • doyla66
    doyla66 Friday, 11 April 2014

    Watching the Senate hearing yesterday, i couldn't help but to get the impression that Asic were being reprimanded (but not sternly enough) for their past bad behaviour, but at the same time suggestions were being aired to help them do better in the future. It was like " you have done wrong in the past so we need to put forward suggestions in order to help you perform better from now on"
    The problem is Senators, Asic knew exactly what they were doing and if they wanted to do better they knew how to do it without help or suggestions from the Senate. Asic should have been compelled to answer each question outright. They are tainted and will never be on the side of the consumer as they are too cosy and have a vested interest exactly where they are. To clean up this mess there needs to be a complete washing away of the old and replacing it with a new and fresh consumer protection body with an unbiased board of executives.

  • doyla66
    doyla66 Friday, 11 April 2014

    I totally agree Ali, to move forward the old guard at the top has to be changed, a leopard does not change its spots and these people and their bad work practices are ingrained. People from within the system will be tainted, it has to be outside people with market expertise to take over the helm and especially at the top, how many times given the chance did Greg Medcraft refer to his past positions and work history.
    There are many industry people who could also advise ASIC and not the hand picked mates of Geggy, many people in Australia can have something to contribute to a new son or daughter of ASIC. Just look at all the submissions to the Senate inquiry from legal academia, all the financial players and even government compartments, there are lots of people out there who can promulgate and revamp ASIC to a proper and accountable regulator, the first edict will be to bring the banksters into line and to block the secret passageways they have into the back door of ASIC and make them stand in the queue like the rest of us.

  • doyla66
    doyla66 Friday, 11 April 2014

    You're absolutely right Neil. ASIC are incompetent liars and their cultural environment would be too difficult to eradicate without people power.

    Senator Williams has a face book page if anyone would like to tune in, share your thoughts and leave comments.

  • doyla66
    doyla66 Friday, 11 April 2014

    With the overwhelming number of complaints against ASIC and a handful saying nice things, people are wondering what's in it for the ones who said positive things about ASIC.
    ASIC needs cultural change. Do the commissioners talk to the staff in platitudes of whitewash, motherhood vision statements and buckets on verbage? If so that could explain why staff get so frustrated and try to do their best despite the talking heads in the executive suite.
    What's being written and now said about them is just not getting through at all.
    I worked with someone like that once. She eventually annoyed even the easy going people so much that the boss gave her 2 weeks to finish up her contract. It took until 3 days before her scheduled departure to get it that she had got the sack and the boss was serious. She was so certain that she was right, secure, knew all the answers and was essential to the running of the business. She was good at her work but she just refused to listen to anything that she didn't want to hear. Everyone sighed with relief when she left.
    So it is with the ASIC commissioners - they still don't get it. Business as usual as it has been for so many years is not going to be ok with the many thousands of cheesed off consumers and investors who have waited so long to have their say in order to get a fair dinkum changing of the guard, the ASIC ethos and behaviour and get real action and results to their complaints.
    Either that or ASIC don't want to admit publicly they do get it because of loss of face. Maybe that why they wanted to talk "in camera" - and off the record.

  • doyla66
    doyla66 Sunday, 13 April 2014

    Why don't the Senators call in the staff who were given the Ferrets information over the counter and interview them? Then they could find out whether the staff were told not do to anything or whatever happened next. Same for the first report for the CBAPF issue - who received the complaint and what happened next, right through the chain of action and command.
    The point is, were top echelons instructing staff not to act or making it hard for them to make progress or what obstructed the action, the speed of response, the results that should have happened way sooner. What we want to know is the why, who, when and how of the failure to respond appropriately to the consumer complaint and the whistle blower tip off.
    The same could be applied to every one of our cases that was reported to ASIC and wasn't handled correctly, according to commonsense and Law, plus the expectations of consumers and Senators.
    The purpose of this is to determine where the problems are originating from and whether they are case type specific or defendant specific. In our experience it's not just the big end of town that gets off in consumer complaints. Could it be that ASIC like to use small time operators as informants as well, like the justification for using Greg Medcraft as the former Soc Gen guy now turned corporate cop. Or is it because ASIC copped so much from small investment firms when they were trying to investigate that it just wasn't worth doing? We'd like answers to our questions too.
    It seems likely that the only way to get answers will be on a case by case basis through a complaint over ASIC's handling of a case to expose the possibility of conflict of interest, corruption in the mail room (for example) and misconduct at some other level.
    The lack of timely and appropriate action on so many cases by the "corporate cop" is deplorable and must be completely exposed. They have caused so much suffering, hardship, distress, illness and even deaths through their unwillingness to do the work of corporate cop and not just wear the label to fulfill their fantasies about playing cops and robbers. As for ASIC ever being more than a token consumer protector, it isn't possible. As the Senators rightly said, the Banks don't need ASICs protection.
    I hope the Senators drop some more verbal bombs on ASIC top echelons - they might even get through to them before the end of the Inquiry. ASIC really sounded silly, like they didn't have a clue. Are they lying or are they really that dumb?
    Incorrect statements by CBAs David Cohen should be flushed out, as to whether he was lying or making mistakes.
    This Inquiry is already borderline to grounds for a Magisterial Inquiry, for the purpose of truth and getting the witness' minds focused on the importance placed in these processes by the rest of Australia. No more same old same old, not this time, not ever again. The grounds for a Royal Commission have already been established by several inquiries, our evidence and masses of reports from ASIC itself: without thorough examination and the truth in evidence Australians cannot have trust in the regulators or the financial service providers. The Senators must keep the pressure on the corporate witnesses until the truth comes out. People are suffering now while this lengthy process goes on examining historical record and plenty of water under the bridge.

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