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BFCSA: Commission of Audit & Senate hearings must force a shake up at ASIC, FOS and COSL.

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Dear Members

The Abbott government has clearly shown where their preferences lie when choosing to mount investigations into banking and economic recommendations for the forthcoming budget. Instead of taking a broad spectrum approach with the appropriate experts they choose to take the very narrow conservative approach using industry players.

The banking inquiry with David Murray as its head and the make up with  financial industry stalwarts will only result in a one sided view heavily tilted in the banking industry's favour.

The Commission of Audit is set up to make hard decisions and recommendations for the upcoming May budget and is  chaired by Tony Shepherd former president of The Business Council of Australia and the head of the commissions secretariat is the BCA's chief economist Peter Crone. Former Howard Minister Amanda Vanstone and three public servants , Peter Boxal an ardent free marketeer who worked as Peter Costello's Chief of Staff, Tony Cole a former Treasury secretary and Robert Fisher an ex bureaucratic heavy.

The  Business Council of Australia is one of the more conservative of Australia's lobby groups with a long standing policy of resisting wage increases, demanding tax breaks for its members and defending every aspect of corporate welfare while condemning much public welfare as wasteful and extravagant.

The Commission of Audit is entrusted in finding ways to trim federal  spending and waste and to help trim federal expenditure.   The problem is many things are off limit already, Health, Defense and Education, the PM's much vaunted Paid Parental Scheme is a no go area, raising the GST is a grey area with pre election promises it wont be touched so the Commissions options are limited to trying to make major savings from a very limited pool of government resources.

To this end I truly believe ASIC, FOS and COSL are vulnerable, yes we do need a corporate watch dog but at present ASIC is haemorrhaging, consumers, business and the media have no faith or confidence in it as it now stands. ASIC should never have established bank friendly EDR's in FOS and COSL and employ the banks lawyers as advisers and consultants.  This is just another kick in the guts to the poor consumer trying to come to terms on how the system works. How to get justice when instead of holding our hands and guiding us through the system they with hold information and let us blindly stumble through while throwing hurdles and obstacles in our path to make our journey even harder.

Even before the Senate hearings commence the evidence against ASIC is damning. Just by reading the Senate submissions you can get an over all picture of how ASIC has been functioning, pro ASIC submissions are usually from other government departments circling their wagons to protect their fellow public service brethren or business's like banks or legal and liquidation firms who profit from ASIC's actions or lack there off.

I hope the Senators conclusions IN FULL are published and not watered down or buried in a cloud of secrecy which is a dangerous path this new government seems to want to pursue.  We need a VERY STRONG REPORT this time, Senators.

Lets hope the Senators recommendations and the Commission of Audits job to trim government expenditure will result in a more trim line regulator where alot of the old deadwood with their old ideas are pensioned off.  ASIC does not warrant nearly half a billion dollars a year to function. Tony Abbott has stated Canberra is top heavy with public servants and there is way too much red tape. Lets face it, the jargon they like to use and their word play is confusing and derogatory.

FOS and COSL can either be disbanded or absorbed back into ASIC, lets put some of these professional public service lawyers back into mainstream real world law, that should save money as well as no longer getting advice from bankster lawyers.

The demise of ASIC as it stands now would be ironic if brought about by economic restraint because the very thing ASIC was supposed to protect and foster and to help make prosper in the end could be the sword that decapitates the beast and finally brings it under control. Thanks Neil T.

ED:  Well said Neil.  Peter Crone signed a very unfortunate letter to me from John Howard as PM in 2005.  Must dig it out.  Reporter John Garnaut SMH wrote a story on that incident in early 2005.  I have a long memory and funny how same names keep jumping out at one.   This email address is being protected from spambots. You need JavaScript enabled to view it.


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  • doyla66
    doyla66 Thursday, 16 January 2014

    All the clouded secrecy, all the lies, all going on behind scenes in stealth (and a whole lot more than just with Banks) is further proof they are all tarred with the same brush and all in so deep they have no idea what they are doing. ASIC is a mole organisation in my view and he who boasts about an Australian representing Australians is now so full of his own self-importance he actually believes his own words (boo hoo pass the tissues please)! The insanity drummed into people re the only way to get ahead is to borrow and incur even more debt is now so old hat and proven to be such a load of codswallop I really cannot believe they are now all so blinded they fail to see what we can see and are instead being conned into some newly concocted hoax to further bleed us dry. The absolute worst thing that can happen re bank reform is now looking to be an odds on bet knowing they have now brought in a new heavy with David Morgan for more bad decisions made by evil scheming decision makers whose only interest is self-interest will down the track make the GFC seem like an overflowing bathtub rather than a Tsunami. The concept of our banks being too big to fail is very dangerous for banks and other large corporations have become an all consuming cancer on society and now engulf the entire world and tragically all Politicians are under their spell. If not true none of this would be happening is the way I see it anyhow! If Banks make bad decisions they should have to suffer the consequences, if Banks commit crime the crime perpetrators should be punished, if Governments realise they have been fooled then they should make admissions to that effect and get rid of them as only they have the power to do. Our banks are no longer the respected pillars of our society for Banks are no longer owned or controlled by Australians and their interest is no more for Australian people or Australian Governments than ASIC is the regulator for Australian consumers and I am Mary Poppins!

  • doyla66
    doyla66 Thursday, 16 January 2014

    How odd is it that the Governments that protect our Banks will be the ones brought down by them.

    I believe it is called apathy when the very thing you either ignore is happening when you know full well its happening or the thing you protect is the thing you should most fear and these are the very things that will bring you unstuck. Well that is the sort of feeling our government should be feeling as they place ultimate trust in our Banks, the very entity they go out of their way to protect is the very creature that will eventually bring a government down. It must have been feeling like a game Russian Roulette to our last three elected governments probably the last elected Prime Minister that would have felt relatively safe was John Howard. The years since Howards demise have been dominated by global financial unrest and a gradual exposure of the Banking and Finance Industries part in the collapse of the world wide economy. Many countries are rebounding all be it slowly from the 2007/8 implosion of markets and fiscal collapse but these countries are the ones who became proactive and bought the industries responsible to account. Our own Government is playing a game of ignorance believing that if its just left alone the few casualties will just drift away and it will all sort itself out well that put simply is just not going to happen. Our Banking industry will not be the shining light they will not inject massive amounts of money back into the economy if fact quite the opposite they are famous for squirrelling away their gains. When all is said and done though the damage that this industry has single handedly done is irrepairable and only a full Royal Commission into their poor behaviour would be acceptable. The guarded nature by which our Australian Governments (not just this current one but the last three) have taken our Banking and Finance Industries to task with is farcical and if it were not such a serious issue it would be laughable. There has been no sanctions placed on this industry and yet there has been a never ending flow of allegations pointed directly at the industry much of it backed with hard fast evidence which continues to be disregarded. There have been several Brokers taken to task some given nothing more than a slap on the wrist with a limp stick of celery by our regulator ASIC and yet they are playing life altering games that destroy lives of the victims and yet nothing tightens in their terms of trade. Of course while these Brokers take the brunt of the penalties for their abuse of the powers bestowed on them the good old Banks dance in the streets knowing that they ultimately are the ones who approve the loans without recourse. Its like an accomplice to murder The Banker, oh yes I loaded the gun, oh yes I pulled the trigger, oh yes I shot him, oh yes I loaded him into the trunk of the car, oh yes I dumped the body in the river, But him- the Broker he is the guilty one he showed me where the guy lived. No matter which way you look at it the ultimate power lies with the Bank even if the Broker was as shonkey as Ronny Biggs the Bank still has the checking procedures (or should have) to produce a prudent loan. If the problem is as the Banks say and only a small amount of these loans exist that do not meet Banking standards then why are they remaining so steadfast as to not clear the problem and move on. The answer to that is obvious the problem is enormous the Banks are fully aware of that and once they admit liability to one of their crooked loans then the flood gates open. I have a fairly good idea that our politicians know this runs much deeper than they are prepared to acknowledge publicly and are going to great pains to keep a vert tight lid on what they know spells economic disaster.

  • doyla66
    doyla66 Thursday, 16 January 2014

    Incompetent or what?

    By Jelena Potpara 4 weeks ago from (
    Money. Over 70 investors, most local, have been notified that Braddon Investment and Finance will wind up its operation, with a freeze on investments and assets. The Supreme Court of Tasmania appointed a liquidator on Tuesday, after it was alleged the company did not comply with legal obligations. Australian Securities and Investment Commission alleged that BIF failed to appoint a trustee or enter into a trust deed. However, ASIC did not allege any dishonesty in the proceedings, nor is the claim based on any allegations of insolvency. Managing director Gerard Blizzard said it was a sad day for the community. “We’ve traded in the community for 38 years,” he said. “All the investors are local – or have been local. We wouldn’t have one investor that hasn’t got a link to the area.” Mr Blizzard said in 2001, when adjustments were made to the Corporations Act, “The company at that time gained advice – it was only verbal – about the way we conducted our investment book.” “That advice indicated that we were fine,” he said. Mr Blizzard said the company believed it was covered under an exemption clause, and was trading “happily ever since”.
    Mr Blizzard said he took over management about three years ago, but said the company had grown dramatically over the last 13 years. He said investments range from $1500 to those investing several hundred thousand. “Ten or 15 of my larger investments would be half my money,” he said. Mr Blizzard said he remained confident money would be returned. “Without being able to give ironclad guarantees I am very confident of all investors getting their money back.”

    Now go into submission number 404 and read what ASIC did to that company!

  • doyla66
    doyla66 Thursday, 16 January 2014


    Great blogs team.... All you say is TRUE.......
    Everyone's words give me so much strength to just keep going.......
    A big thank you from just the average mum of 2 trying to raise her family under extremely stressful conditions.
    I really hope the IMPORTANT people read all these blogs...... Like the senators!
    Bring on the Royal commission and bring down the banksters.

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