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BFCSA: CBA and Bankwest Scandal comes back to bite slack regulators. Hundreds attack ASIC

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This is just a sample:

" I wrote to ASIC in early 2013 attaching evidence of my case and the highlighted constructive defaults of my companies and self instigated by the Commonwealth Bank/Bankwest. ASIC made contact with me by phone stating that they believed that the Bank may have acted in a misleading and unconscionable manner.; the Bank may have acted in bad faith. On 23 May,2013 I received a reply from the ASIC Commissioner Mr Peter Kell stating that they are looking into the matter. On 9 August,2013 I received a response from ASIC advising that they have decided not to take any further action. Further they went onto is not obliged to take enforcement action in relation to all reports of misconduct."
I hope these brief comments highlights that ASIC were not acting in my best interest and their change of thought on firstly they thought the Commonwealth Bank was guilty then changed their minds saying they have ceased to investigate. The question is WHY?

Denise: The senior partner of Norton Rose Fulbright ( David Goldman) is the main law firm that represents the Bank, sits on an ASIC insolvency committee. There is a conflict of interest and perhaps he influences decision made against the Bank?

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  • organza
    organza Friday, 01 April 2016

    Now it wouldn't have anything to do ASIC being complicit with what was being done with the ASIC register surely? Perhaps that law firm also represent the ASIC!

    Reply Cancel
  • Aries
    Aries Friday, 01 April 2016

    ASIC's other responses are...not in the public's interest, or even if we find fraud you will have to take court action
    yourself...or take it to FOS or go to the AFP.....why don't they try working for the millions they receive from the government
    per annum, and take these ceo's to court on the borrowers behalf...

  • Duped
    Duped Friday, 01 April 2016

    A Royal Commission would have a field day with this kind of deception. ASIC caught out again. How many times can ASIC get caught out before the power brokers in government are forcibly jerked into stripping them of any sort consumer protection.
    How many times can they produce their own rules to suit themselves and their banking buddies before being caught out and let off the hook.
    What are they hiding and what kind of kick-backs are they receiving. Corruption and deceit is rampant in the banking and regulatory system.

  • organza
    organza Friday, 01 April 2016

    Love the pun a 'field' day! I think Regulators are all so desperate to cover up what they are responsible for they are starting to get their knickers in a knot. Too many rules, too many regulators, too many loopholes, too many class orders, too many exemptions, too many spokesmen and now too many red faces. Well tough luck. It's time all the pressure was on them and their cover blown. The only thing they protect consumers from is what they have all managed to stuff up.

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Guest Tuesday, 26 January 2021