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BFCSA: ‘Glass jaw’: corporate Australia’s stinging rebuke to ASIC

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The Australian Securities and Investments Commission has isolated itself from key stakeholders and developed a “glass jaw” to criticism, according to leading directors and senior executives:


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  • doyla66
    doyla66 Tuesday, 05 November 2013

    Hi Andy, do you have the rest of this article? Good to see the corporate world having a go at ASIC as well!
    Criticism goes with the territory unless you're doing something special in a regulatory way. This has blunted ASIC to the realities of their rule: every dog has it's day and for ASIC it's looking like their day is over.
    Not just disgruntled complainants, or ticked off investors, or dismayed superannuants, or defrauded borrowers .... corporates, their buddies, no less. A deluge of criticism should be taken seriously, even by ASIC .. surely?
    Glass jaw? No sympathy, after such an abysmal track record of failure to respond appropriately. ASICs only possible defense would be that a succession of ministers were such dolts that they told them to keep doing what they're doing! ie. "we were only carrying out instructions". Give a minister inadequate stats and then the minister wears it if his/her decisions go belly up, eh ASIC? Make the pollies wear it? We're waiting to hear their publicly stated possible explanations ... that will be entertaining.
    On the corporate front, it was reported to the writer that a very influential person in the corporate sector had similar criticisms to ours over ASIC, FOS and COSL. Well that's just an "isolated case" lol! But a deluge of criticism !! ....
    Deal with it, ASIC. You did it. Australian responded. And you're all paid well enough to pay for therapy or whatever to cope with your collective glass jaws! :p

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