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BFCSA: Bankers permitted to gamble with Other People's Money but not their own!!!!! What is going on?

Posted by on in Consumers Fight Back
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ASIC, the regulator of the Australian financial system (and also the regulator of financial publishers like us), is on the receiving end of some remarkable criticism. It’s remarkable, not because of its content, but because of who it’s coming from. Usually, the customers complain about how big business shafted them. But things are so bad at the corporate regulator that even big business is up in arms.  The Australian Financial Review‘s Patrick Durkin put the story together very well. Here are our favourite bits:

Accounting firm BDO pointed to a specific confidential investigation they had carried out and referred to ASIC into the misconduct of an auditor which was never examined.  "Despite the extensive amount of work and costs involved in conducting the investigation, there would appear to have been no action taken by ASIC to investigate the matter," BDO national audit partner Tim Kendall said..........…judge and former head of the government’s prosecutors office, Justice Mark Weinberg [said] last week, that the regulator is too quick to sew up "secret deals" for light penalties with white collar criminals.‘

Secret deals with white collar criminals!  In the same article is about the best one liner we've read in a while: ASIC released its annual report highlighting an increase in enforcement action, although the number of individuals jailed fell from 20 down to 9."

ASIC only found 9 white collar criminals last year - for the entire country?  A decrease of say 60%..........there are hundreds in the Banking sector alone!

Do Readers think I should send them my ROUND UP LIST???????   This email address is being protected from spambots. You need JavaScript enabled to view it.

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  • doyla66
    doyla66 Sunday, 16 March 2014


    DB send the slackos your list.....
    It will give them something to do cause at the moment they do sweet [email protected] all.....
    Chances are they will either file it away or deny ever getting it.....
    They are all LIARS

  • doyla66
    doyla66 Sunday, 16 March 2014

    Yes!! Good idea, Denise, give ASIC a helping hand to make the job easier for them. It might be a good idea to send it to the Senators as well and the Minister so they know you sent it to all the key people in ASIC and that this is public knowledge. Then there are no excuses and ASIC can get on with their job without further delay.

  • doyla66
    doyla66 Sunday, 16 March 2014

    Pleeeeease send that list Denise. ASIC have let their vision become so very clouded they do not even seem to realise everybody is onto them and people are no longer fooled re who they are protecting and why. It's all been public knowledge for some time yet ASIC seem to be blindly unaware that all they say and all they do makes them come across more and more like a bunch of circus clowns while untold more innocent people are being set up to have their lives destroyed as we have.

  • doyla66
    doyla66 Sunday, 16 March 2014


    Might be a good idea to throw in a few bottles of round-up!

  • doyla66
    doyla66 Sunday, 16 March 2014

    Yes please refresh ASIC's memory... And I am sure you have more to add to the suspect list that ASIC has from your warnings over the years. First stop ASIC from the top..

  • doyla66
    doyla66 Sunday, 16 March 2014

    Yes and ASIC will thank you for bringing it their attention as they were unaware of the problem and will
    look into it asap.

  • doyla66
    doyla66 Monday, 17 March 2014

    Yes and pigs might fly....

  • doyla66
    doyla66 Monday, 17 March 2014

    On past performance would not be holding my breath Maria! All becoming rather tiresome really for they probably really believe they are helping us in continuing to try and protect secrets which are no longer secrets. ASIC are so slow off the mark they are the only ones who still do not get it!

  • doyla66
    doyla66 Monday, 17 March 2014

    I was being facetious Organza. I was merely pointing out the usual pathetic response from ASIC.
    Every time they are asked why they didn't investigate something that's what they say.
    "Thanks for bringing it to our attention etc".

  • doyla66
    doyla66 Monday, 17 March 2014

    I know Maria - the definition of how to try flogging a dead horse is trying to get through to any more than a programmed response from any of them. Makes you feel you are talking to robots and not people. As for trying to get a response from banks when you write and ask for information THAT is the definition of impossible but guess they just send them all straight to the paper shredder! Must be big production lines operating 24/7 inside all those ivory towers!

  • doyla66
    doyla66 Saturday, 22 March 2014

    ANZ CREDIT CARD STATEMENTS are not being issued so they don't have to pay out monies owed to consumers in CLASS ACTION

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