http://www.crikey.com.au/2014/07/04/regulation-by-mateship-ian-and-mathias-show-the-way-in-financial-planning/
Regulation by mateship — Ian and Mathias show the way in financial planning
Bernard Keane|Jul 04, 2014 1:02PM
We’re headed for an era of mateship-based regulation in financial planning, in which the big banks will get away with as much as they can until governments decide it’s politically unpalatable...................
With all the focus on the Commonwealth since the inquiry, the ostensible sector regulator, the Australian Securities and Investments Commission has gotten off lightly. Remember, this is a regulator so gobsmackingly inept that it not merely ignored repeated efforts by whistleblowers to alert it to what was going on at CFP, when the CBA itself alerted ASIC to the activities of one of its worst planners, ASIC simply lost the report. And that was before it had its budget significantly cut, as it did in May.
The result — $50 million so far in compensation for clients of the CBA, and...
Tagged in:
ASIC gobsmackingly inept
CBA to give $50 million Compo
CRIKEY exposes ASIC
De Regulation Madness
Embarrassing Regulators
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