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BFCSA: ASIC will get tough, ASIC will clamp down, ASIC will not be tolerating: and More ASIC "willbees," involving Financial Products

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Ever tire of hearing ASIC willbee's?  See how many times ASIC executives answered the Senators questions In Parliament with: "we will be."  Remember ASIC's bleating in 2004 "we will be getting tough with wealth creation spruikers."  Their idea of 'tough' and using Enforceable Undertakings is not the public's idea of getting tough and applying the law.  ASIC have power over criminal law and remedies, so why is it that those tools are rarely if ever used?  

What's an EU?  Its a piece of paper signed by the crook and signed by ASIC Executives stating "ASIC agrees to shred the complaint, wipe the slate clean, drop the mention of misleading and deceptive and/or fraud and forgery and all is forgiven.  Criminal agrees to stand in the naughty corner and never transgress in the future."  Problem solved and, the victims can all go home....if they have one to go to.  Everyone happy.  Done and Dusted.

Then in February Estimates Committee Hearing ASIC state: "we willbee getting tough on creating wealth spruikers."   That's after ASIC has permitted the creating wealth syndrome to actually become a flourishing industry.  Good Golly Miss Molly, this is how we are running our country?

"ASIC is autonomous," say the Ministers and Treasurer - in easy speak that means: "They just get paid more than anyone in Australia and do as they please and are accountable to no-one."  

Well hear this ASIC bods: every time one of you dare tell Parliament "we willbee" the public are going to rise up and demand you all be sacked.  Why? Because we the public will be getting very tough in future and we are relentless.   For BFCSA Members, the pain your willful blindness has caused is excruciating, the lies to parliament so blatantly dishonest, the arrogance and negligence is abhorrent to the average Mum and Dads who teach good values and then have you thumbing your noses up at those basic human values.

ASIC can hide comfortably behind its pathetically ill-conceived $450,000 salaries and pretend to be interested in the criminal activity emanating from the world of high finance and white collar crime, but you do have peers: we the people.  

Read further as to what their latest willbees on "clamping down" are:-

And you can laugh out loud at this one: “ASIC has always expected complaints to be dealt with ‘genuinely, promptly, fairly and consistently’; 

Ho HUM:  ASIC does not even bother answering its own complaints, except with ridiculous fob off form letters!  Our Members have the proof.

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ASIC clamps down on financial service licensee complaints process

by Australian Broker News | 19 Nov 2013

Recent changes to ASIC's Regulatory Guide 165 mean Australian financial services licensees (AFSL) must now acknowledge client complaints immediately, regardless of the form in which they are given - and resolve problems in tighter, prescribed timeframes.

Chairman Holmes, solicitor director of The Fold Legal says AFSLs need to adjust their current internal dispute resolution system for retail clients in order to comply with the new requirements.

“ASIC has always expected complaints to be dealt with ‘genuinely, promptly, fairly and consistently’; however, they have changed the timeframes for dealing with complaints in order to encourage licensees to act with a sense of urgency.”

Holmes says licensees shouldn’t be complacent about their current dispute resolution system, with key changes requiring a written acknowledgement of the client’s complaint be sent as soon as it is received.

“The licensee can’t wait 24-48 hours to acknowledge the complaint, it must be immediate. Licensees also cannot force the client to put a complaint in writing. If the current system does not comply with these requirements, the system has to be changed,” she says.

If the complaint can be resolved within five business days of initial receipt, Holmes says there is no need for full assessment and investigation except for hardship claims, declined insurance claims or disputes about the value of an insurance claim.

“The outcome and decision must be delivered to the client within 45 days of the initial complaint. Licensees cannot extend this to take account of new information or information they can’t collect from the client, but they do have 90 days to respond to superannuation or traditional trustee services complaints.”

Holmes says if licensees are unable to give a final response within the 45-day period, the client must be told the reasons for the delay and must be directed to an external dispute resolution scheme.

“All licensees should check their complaints procedures to ensure the tighter new timeframes are incorporated in it and review their complaints handling processes to ensure the timeframes can be met. An inadequate internal complaints system is a licence breach,” she says.

My Comment: That's a bit rich! 150 complaints to ASIC re Lenders and all the complainants received weeks later, was fob off form letters.  It is ASIC that needs a lesson in complaint handling and precisely why they themselves are the serious subject of a current Parliamentary Inquiry on their own abysmal Performance.

Now take a look at comment from Broker:

  • QEDRisk on 19/11/2013 10:13:51 AM

    1. What is "immediately"? ISO10002 says "in writing within 5 days"
    2. You've never been able to force the complainant to put it in writing, so what's the big deal, ASIC?
    3. Why is the "latest" RG165 on ASIC's website still June 2013?

    I'm growing tired of the lack of professionalism at ASIC.

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  • doyla66
    doyla66 Tuesday, 19 November 2013

    Yeh, ASIC are certainly consistent!!!! Just fob us off with "GO TO FOS" we cannot help. That is consistent alright. All 3 complaints lodged with ASIC received the same type of response. Wonder how I will go with them now that I am lodging a further complaint re" Nab's misconduct in the fact that Nab did not secure the repossessed property and our boat and trailers were stolen from our leased land. Nab have failed to meet their obligations. Entry was gained via the repossessed home front entrance. A further complaint has been lodged against the Mortgagee agent representing the Nab, the Realestate agent ditto the Nab, and the Nab lawyers. A FOS dispute is also being lodge re same. Knowing the FOS they will respond with the answer. "THIS HAS BEEN DEALT WITH IN YOUR PREVIOUS DISPUTE NO......." I totally disagree, the repossession has happened, we have left the property, the ORDER from the supreme court has been satisfied. Finito, over and done with,closed. FOS cannot have their cake and eat it to which is what they are up to. No wonder there is such total dissatisfaction with FOS. Denise, you have certainly been posting some excellent blogs.

  • doyla66
    doyla66 Tuesday, 19 November 2013

    ASIC - "do as we say, not do as we do" eh? The rules obviously don't apply to ASIC! ASIC are corrupt, incompetent at Law governance and correct administration, not above reproach (read submissions!!).
    The Senate must remove all complaints cases/files from ASICs influence, to prevent hardship, injustice, unfair advantage by Banks/Lenders/Investment companies.
    The submissions to date are more than enough to warrant a Royal Commission and the freezing of all loans ("assets" of Lenders) pending full investigation.

  • doyla66
    doyla66 Tuesday, 19 November 2013

    Remember when the ASIC Inquiry was announced and the ABA said, well that's nothing to do with the Banks?
    Are the ABA and Munchenberg so sure of this now?
    What do they think the CBA is if it's not a Bank?
    And all the rest of the Bank and non-Bank Lenders, under the "watchful" eye of ASIC - joke at the expense of the Australian public, the taxpayers, the investors, the superannuants, the small businesses and above all the unfortunate homes owners, farmers and business owners who thought they were protected by the Watchdog!
    I'm just waiting for someone in Govt to try to tell us that overall ASICs performance was good with a few glitches that may require remedy. Corrupt practice, bias, self-interest and favours for mates are long entrenched behaviours within ASC/ASIC. Now the world knows that too. And just because that's been the "norm" doesn't mean it's acceptable practice.
    Does FOS handle complaints against ASIC?
    If FOS do the ASIC Complaints, has it occurred to anyone there's something wrong with that arrangement ie. conflict of interest?
    What happens when the case against ASIC exceeds the FOS limit?

  • Denise
    Denise Tuesday, 19 November 2013

    Dear Mr Munchenberg and other dumbo's at the ABA. Our sub prime lending cartel is everyone's business and everything to do with the Four Majors. But then again you knew those details intimately....didn't you? YES! And now the cover up is about to haunt the living daylights out of all of you doyens because the public are now being properly informed as to what you were really all up to the past two decades. If you want to discover the perpetrators of white collar crime - just follow the money trail back to those at the top of the heap making the most money and, paying off all the underlings. YES its the banks stupid! [email protected]

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