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BFCSA: Senator Williams blasts Snail Pace ASIC with 100 Questions. No public Interest hurry.

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Senator blasts ‘snail’s pace’ ASIC ban

Written by Aleks Vickovich
 Wednesday, 17 July 2013

ASIC’s banning of a former Bell Potter adviser convicted of deceptive conduct in April is proof the corporate regulator is reacting too slowly to cases of wrongdoing, says a coalition Senator.

The Australian Securities and Investments Commission (ASIC) issued a statement yesterday indicating it had issued former Bell Potter Securities client adviser Lawson Stuart Donald with a permanent ban from financial services, following his conviction for dishonest conduct in the Sydney District Court on April 26.

Speaking to ifa, NSW Nationals Senator John Williams – who was instrumental in forcing a parliamentary inquiry into the Commonwealth Financial Planning affair – said the three-month time frame between Mr Donald’s conviction and ban confirms his concerns about ASIC’s ability to monitor wrongdoing in the financial advice industry.

“ASIC has got the power to ban people immediately, it’s not like a liquidator scenario where ASIC needs to take [the accused] to court to get them de-registered,” the Senator said.

“If a bloke is convicted by the criminal courts surely that is reason enough to be banned immediately.

“If this person is potentially able to get keep providing services to consumers after a conviction, you have to ask what the hell is going on…ASIC seems to be moving at snail’s pace.”

Mr Williams has issued ASIC’s leadership with more than 100 questions pertaining to its handling of reported wrongdoing by Commonwealth FP advisers.

ASIC was due to respond to the Senator’s inquiry by today but has sought an extension on the responses, which includes concerns raised about vertical integration, which Mr Williams says has been overlooked by the FOFA reforms.


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  • doyla66
    doyla66 Wednesday, 17 July 2013

    It just proves what Asic is all about. They have the power to force action immediately but choose not to. Asic is supposed to investigate all cases not just a select few. With their shocking reputation they do not merit an extension of time. They are time wasters and should have had their responses ready when they were due.

  • doyla66
    doyla66 Wednesday, 17 July 2013

    Senator Williams' reaction is consistent with any ordinary Australian's expectations. The ban should be almost automatic with conviction.
    But 3 months' later? Is this incompetence or what? There's no excuse for this sloppy work by ASIC.
    ASIC want an extension of time? Could the answer be "no" or "give us what you've completed while you're finishing your other answers". This delay could also be ASIC game playing due to Kell's attitude to John Williams ... a common ploy by senior bureaucrats.
    Count down to the day when this immature bunch are out and real, honest, committed and respectful workers replace them in the restructured recycled replacement for the ASIC conglomerate ...

  • doyla66
    doyla66 Wednesday, 17 July 2013

    It's a miracle they did anything, how the hell did they get off their rear ends.
    I suppose they must be seen to do something after all they are getting paid.

  • doyla66
    doyla66 Thursday, 18 July 2013

    ASIC wants an extention!! So do the banks, they are always asking for extentions with FOS and each time they are granted. What is wrong with these organisations that they continually need more time? If the boot was on the other foot, I don't think we would be given any extentions. It makes me wonder what they do all day to justify their high salaries. Go get them Senator!!

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