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BFCSA: Dear Mr Shorten, Please do not waste "only" $7.4 million on ASIC

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Dear Mr Shorten, Please do not waste $7.4 Million on Australian Securities and Investment Commission.  They waste $400 million per year and do nothing but gather data and hand out parking tickets to financial planners - and oh I forgot they actually do collect $700 million in lovely corp fees per year and charge us poor public for database use for information that actually belongs to us taxpayers.  So we pay them to do some photocopying and registering documentation and they sell it back to us for $30 a sheet!!!  We know its a CASH COW for the Federal Government - chaps get a cool $300 million for jam.

Small Businesses get slugged for the same processing of business names.  ASIC's fees are the highest in the WORLD.  IOSCO ((International Org of Security Chiefs - ( 178 international members who could not see the GFC coming.....)) know this and, ah that's right, Mr Greg Medcraft, Chairman of ASIC is also newly elected "Chairman of Int Org of we do not know what we are doing!!!!!"

You are giving this guy an extra $7.4 million for not knowing what a consumer looks like?  Regulate the Financial Services Industry - the Banksters - the cause of the GFC and the promised cause of the AUSTRALIAN 2014 GFC?  ASIC could not regulate a cage of mice.  Why throw more money at them?

Minister,  why not throw the $7.4 million to BFCSA????  At least you will see value for the taxpayer dollars and we can guarantee to clean up this disgusting mess in the banking and finance sector.  

You are taking away the baby bonus away from families and throwing children and families (victims of the Bank Mortgage Scandal) out on to the streets and giving funds to the very people receiving $400 million a year and standing by, letting that happen.  Then you give an extra $7 million to lazy, useless ASIC.  What were you thinking?

"Only $7.8 million" say the finance and banking gurus.  Yes small bikkies so please hand that petty cash over to peak CONSUMER PROTECTION ADVOCACY group BFCSA!!!!   Consumers would greatly appreciate a budget of any sort, preferable to the shoestring.  Priorities please Gentlemen..... consumers before Bankers and Useless Regulators.      Will Members please write to Minister Shorten and tell him why.................

Financial services regulators receive little

14 May, 2013  0 comments

Financial services regulators receive littleBill Shorten

As expected, the Government has limited its Budget support for the financial services regulators.

While previous years have seen additional funding for measures such as the Future of Financial Advice and Stronger Super, neither the Australian Securities and Investments Commission (ASIC) nor the Australian Prudential Regulation Authority (APRA) will receive substantial new support this financial year.

The Budget papers said, however, that the Government would provide $7.8 million over two years to ASIC to improve its client contact centre service levels to support the introduction of the online National Business Names registration system.

It said this funding included $1.6 million in capital in 2013‑14 to upgrade ASIC's call centre infrastructure.

However, it said the cost of the measure would be offset by an increase in the fees charged by ASIC for registering a business name from $30 for one year and $70 for three years to $32 and $74 respectively, subject to indexation of the fees to adjust for inflation.

For its part, APRA will receive $5.9 million over four years to implement reforms to the supervision of over‑the‑counter derivatives markets, as part of Australia's commitment as a member of the G020.

However, the Budget said the cost of this measure would be offset by an increase in financial sector levies collected by APRA.

The Government has allocated $200,000 for its Charter Group on superannuation announced by the Minister for Financial Services, Bill Shorten, earlier this month.

It said it would be leaving funding of the Council of Super Guardians until after the Charter Group had reported.

Read more about:

FOFABill ShortenASICAPRAFederal Budget,Council of Super Guardians


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  • doyla66
    doyla66 Wednesday, 15 May 2013

    Priorities all wrong in direction and funding

    Reading this garbage from the government makes me feel sick.
    How out of touch can they be?
    Why are they adding insult to the existing injury of Australian consumers of financial products?
    Why increase the funding of a failed regulator? ASIC doesn't need extra money - it needs an attitude transplant, just for starters.
    OTC derivatives are classified as gambling by the ACCC. Wouldn't it be cheaper to hand their regulation to the police?
    As usual our government is putting the priorities of other countries ahead of the needs of consumers. It would be the same whether it was the A team or the B team.
    What a shame that ego continues to override democracy in Australia!
    If our present government didn't have such a huge inferiority complex about itself we might have a chance of good government.
    Stop the ripping off Australians just to impress the lunatic economics brigade in the rest of the world.
    Such is the boredom of business as usual in Australian politics.
    Thank goodness for the BFCSA and the AV Party.
    There will be a Royal Commission into Banking and Finance, whether or not the government, the G20, the EU, IOSCO and the rest of the world like it or not.
    Deal with it.

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