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BFCSA: ASIC PROFIT FROM CRIME? ASIC's database worth up to $6 Billion - should go as Compo for victims of ASIC 15 year neglect .

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Someone in Government should see that ASIC cannot profit from White Collar CRIME!!!  Unions upset and so are Consumer victims of Low Doc Lending and retiree victims of MIS scams....yes its corporate registry but all the complaints about directors and sham companies and lenders - registry must be a LIST of the elites of white collar crime who scarpered with billions of dollars of other people's money whilst ASIC played the fiddle!  Proceeds of crime? YES Indeed  This email address is being protected from spambots. You need JavaScript enabled to view it.


Planned sale of ASIC's corporate registry a body blow to Latrobe Valley

By Georgia Wilkins

May 24, 2014,


In a nondescript office building in the quiet back streets of Traralgon in Gippsland, the financial documents of every registered company in Australia, big and small, are filtered, processed and filed away.  Until a company passes through this outpost of the Australian Securities and Investments Commission, digitally or on paper, it does not exist.  The processing centre, originally set up in the coal-rich Latrobe Valley to replace thousands of jobs lost from power generator closures in the early 1990s, now faces an uncertain future. In last week's federal budget, the government outlined plans to hive off the registry business from ASIC through a sale.  .............Estimates of the value of the corporate registry range between $3 billion and $6 billion.  ..............  Now, policy experts warn a sale of the registry could affect the regulator's ability to do its job, raising questions about access, privacy and transparency.  And the union has raised concerns any job cuts would severely hit an already fragile centre.  ............                       

"If the registry is privatised and the jobs go, the effects on the Latrobe Valley economy and community could be devastating," CPSU deputy secretary Alistair Waters says.  He says a sale would also throw the transparency and accountability of the registry into doubt.  ''The registry is an important part of Australia's system of corporate regulation and accountability. It provides the community with oversight of Australian companies which are not subject to market disclosure,'' he says.  ''Given the profitability of the registry, a prospective buyer would be purchasing, in effect, a licence to print money. There are no guarantees that privatisation would not lead to increased search fees, thereby limiting transparency.''  The distinction between ASIC's enforcement arm and its corporate filings, now largely paperless, has long made the registry ripe for sale.  As well as being separate from ASIC's headquarters in Sydney, the registry also operates with distinct management teams.  It is also enticing to private buyers. Last financial year, it generated $680 million in revenue on a cost base of $142 million.  Credit agencies such as Dun & Bradstreet and Veda, have been named by analysts as potential buyers. Others include IBIS and Computershare.  But a sale of the business to the private sector raises a number of questions, including whether the monopoly business - the single source of truth on Australian companies and directors - is safe in private hands.................. A private operator could also slow down any enforcement action by the regulator and raise questions around government access. ''It's in a contractor's interests to do the minimum work possible. If there are laggards in pulling together the company database, that can interfere with corporate enforcement and chasing down shonky players.'',,,,,,,,,,, 

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I suggest every member write a letter to Tony Abbott and tell him why this profit from the corporate registry should go to consumer victims of Low Docs and Managed Investment Scams.  Let me know when you letter has been sent please.  This email address is being protected from spambots. You need JavaScript enabled to view it.





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  • doyla66
    doyla66 Tuesday, 27 May 2014

    Privatise and we lose

    What is wrong with our moronic Government this attitude of sell off all public assets for short term profit to long term detriment has got to stop. We are all being asked to dip our hand into our pockets to so called help the cause be Australian and chip in for a better future. OK what happened last time when we were all told that privatisation was the way of the future and Government didn't want to hold assets that would be far better run in privatised hands. Great move although the Commonwealth Bank is profitable look at the issues it has endured and continues to endure since privatisation, Telstra, electricity companies, water boards in many states, gas and power companies, Australia Post our Airports and their parking facilities all once owned by the people with our taxes paying to keep prices for these services at fair and reasonable prices. Now of course the prices for these services have escalated way beyond reasonable, the service level has dropped to poor at best and along with that our expectation of reasonable pricing and good service have gone south as well because that is all we can now expect. All these issues and still the Government want to increase taxes, they have lost the entire point of TAXATION as we originally paid tax to keep these facilities in the hands of the people, we now have no public control over these utilities pay premium for them and then get taxed at the HIGHEST RATE OF WESTERN WORLD COUNTRIES. As I see it taxation should reduce as public utilities get sold off, it all seems like double dipping to me. ASIC as we know are already under the spotlight for their inability to control registrations and regulations of registering and implementing hard and fast protocol for fair and honest trading by companies under their regulatory control. What sort of dogs breakfast could we expect if this is put into the hands of a private company where delicate information is left in the hands of who knows who. I for one am hoping these sorts of foolish ideas are locked back in a cupboard and the key thrown away as it is nothing short of a recipe for dishonesty and fowl play where such delicate information is made accessable to private enterprise, it must be stopped. Don't forget why ASIC is being drawn into the spotlight indiscretions such as how the Commonwealth Bank has behaved and not been dealt with has made ASIC a prime target to be questioned as to how this can happen. None of this would have ever happened if the Commonwealth Bank remained owned by the people. Lets learn from previous mistakes and keep some thing that need Government security in Government hands and not temp trickery and dodgy dealings to take place that become more a temptation when in private hands.

  • Denise
    Denise Tuesday, 27 May 2014

    So true Sean - a sentiment shared by many. Since when did the Australian Government decide that major banks can (with impunity) lend pensioners $300,000 for 12 months to invest and "become retirees" - that was the bank driven sales spiel, and then process as a NON VERIFICATION OF FACTS Low Doc Loan or Liar Loan?

    Such was the largesse of this deliberate plan that Banks paid commissions to internal staff and agencies. Its been a free for all legacy from previous Governments back to 1996. Target older Australians who own their own home. If every one of the estimated 100,000 victims lose their homes, then how does that help our economy whilst politicians spend our money? We will then have to house people who were never going to need tax payer funded housing. How does that work? [email protected]

  • doyla66
    doyla66 Tuesday, 27 May 2014

    Abbott is lying to the people he knows why so many are dependant on welfare and his buddy Mr Hockey pretends to find honesty in our banking system

    What a joke more public owned utility selloffs, increase taxes for what "no Government services" and even less Government control over crooked Banks, Investment Companies, Insurance Companies and the very companies that used to be owned by the people for the people allowed to rip us all off without recourse. Remember Johnny Howard's great claim when he finally got his own way and floated Telstra "Now there are 4 million Australians own a part of a great Australian icon" the reply from the then opposition telecommunication minister "yes that's right and just yesterday 18 million owned it". So get ready for more of this type of sell off mentality it looks like where there is a shortfall in budget funds we are going to sell another public asset and use that as a stopgap measure until we can fill the void with another TARIFF a polite word for we are going to tax the shit out of you. So while all the smoke and mirrors sell offs are happening "Where's Joe" he must be off recruiting more BANK MANAGERS to complete his very unbiased thorough investigation team to complete his "this will win us plenty of votes ROOT AND BRANCH INVESTIGATION". Now anybody who was not the victim of this disgusting Banking Cartel Asset Grab of the Century against all Australians might not work out what all the fuss is about but when you have been to hell and not yet back it takes on a whole new importance. If Joe was real about all of this he would look firstly for the right people to head the Inquiry and then he would speak with the affected. The back lash of the people left destitute and homeless is that they all become welfare reliant and it could all be stopped by making the Banks be held to account. I can certainly tell you even when you win because the evidence of Fraud is too strong that it cant be denied you still don't WIN. I have for one and there are not many of us just beaten my first bank after 5 years of pain and anguish but I will still lose my house, Yep that's right WIN but still LOSE. The worst part of all of this is that with Government intervention their power used on these Banks could end all the pain and suffering however they are spineless and in the pockets of all of the Bankers because of Political Donations "So there in a nut shell why all you good people must be made to suffer"---- BECAUSE YOU ARE NOT WORTH YOUR OWN RIGHTS OR THE RIGHTS OF THE TRUTH BECAUSE POLITICAL DONATIONS STOP IF THE BANKS DO NOT GET THE PROTECTION THEY DEMAND"

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