BFCSA Blog

Budget cuts spark fears of muzzled watchdogs Business Date November 15, 2014 Georgia Wilkins http://www.theage.com.au/business/budget-cuts-spark-fears-of-muzzled-watchdogs-20141114-11fwc5.html It was nine years ago that former Australian Securities and Investments Commission lawyer James Wheeldon walked away from the corporate watchdog, disappointed by what he said was a too-cosy relationship between the regulator and the big end of town. In the near-decade since, he's watched the regulator cop harsh criticism as retail investors lost billions of dollars from a string of corporate and investment collapses after the global financial crisis.   Giving explosive evidence in the recent Senate inquiry that lambasted ASIC's performance, Wheeldon accused the regulator of allowing policy decisions to be unduly influenced by lobby groups. And now, with ASIC poised to be stripped of tens of millions of dollars in funding, Wheeldon fears the budget cuts will leave the agency more vulnerable to industry demands, making Australia's burgeoning financial sector - and the millions...

http://www.smh.com.au/business/banking-and-finance/timid-asic-under-fire-over-crackdown-inconsistencies-20140905-10ct4r.html Timid ASIC under fire over crackdown inconsistencies Banking and Finance Date September 6, 2014 Adele Ferguson   "What do you have to do to get banned for life?" federal politician Tony Smith asked the corporate regulator at a parliamentary inquiry in Melbourne on Friday.  Smith was referring to a three-year banning order slapped on financial adviser Peter Holt for providing inappropriate advice to retail clients, including gearing them up with margin loans and high-risk managed investment scheme (MIS) Timbercorp, which culminated in their financial ruin. The tone of the questions by Smith, Senator John Williams and Senator Debra O'Neill, and the accusation that Holt's "inappropriate advice" was influenced by the payment of high commissions, put the blowtorch on ASIC and how it decides whether a financial adviser should be banned for three years, seven years or for life.  In Holt's case, ASIC banned him from providing financial services for three...

Greg Medcraft has his say..........................does not explain why he took no bank to court re fraudulent Loan Application Forms?  Smoke and mirrors regulation methinks.   Why not back consumer calls for Royal Commission into all lenders Greg?  This email address is being protected from spambots. You need JavaScript enabled to view it. http://www.investordaily.com.au/35789-i-m-not-afraid-of-the-banks-medcraft I'm not afraid of the banks: Medcraft Monday, 30 June 2014 | Tim Stewart   ASIC chairman Greg Medcraft has declared he is "not afraid to take on any big institution" in the wake of a damning Senate committee report into the regulator's handling of the Commonwealth Financial Planning scandal.  Speaking at the ASIC offices in Sydney following the release of the final Senate Economics References Committee report into the performance of ASIC, Mr Medcraft pointed to his past record. "We’ve taken on the CBA and sued them for hundreds of millions. We’ve taken on Macquarie Bank and sued them for hundreds of millions. Bank of Queensland is something that I continue to pursue," he said.  Mr Medcraft...

Hockey's current Roots and Branch Inq into Banking is being run by  BANKER who was making all decisions for engineered LOW DOC MORTGAGES.  Good one Joe!!!   Quite a sham Inquiry.  Were you mates when you were crowned Finance Minister 1999?  This email address is being protected from spambots. You need JavaScript enabled to view it. http://www.smh.com.au/business/banking-and-finance/asic-not-backing-royal-commission-into-cba-scandal-20140627-zsod1.html ASIC not backing royal commission into CBA scandal Banking and Finance  Date June 27, 2014   Georgia Wilkins The corporate regulator has refused to throw its support behind a royal commission into the Commonwealth Bank financial planning scandal, pointing instead to the costs already spent on a Senate inquiry.  A powerful Senate inquiry has called for the bank to face a royal commission to investigate fraud, forgery and allegations of a cover-up inside its financial planning arm.  But Australian Securities and Investments Commission chairman Greg Medcraft played down the need for a commission, saying there had already been a number of submissions and inquiries into the scandal. ''There has been significant...

A mea culpa from ASIC Updated Thu 10 Apr 2014, 9:35pm AEST It's been a humbling day for ASIC. The corporate regulator has confirmed it was far too slow to take action against the Commonwealth Bank over a scandal in its financial planning arm. It's tardiness prompted a Senate inquiry into the regulator which resumed today in Canberra. http://www.abc.net.au/news/2014-04-10/a-mea-culpa-from-asic/5382428 What a miserable bunch these highly paid public servants turned out to be.   Now the long suffering public can see why so many retirees have lost money in listening to Financial Planners and the FP Industry.  Thanks to the tenacity of the Senators in a bi-partisan approach at serving the people well, we can see why so many pensioners have lost their homes to corrupted Banks and Lenders.  Toxic Managed Investment Scams, toxic Low Doc Mortgage Loans, collapses all over the place, straw companies......the list is endless and the losses more than $200 billion and...

What did KEVIN 09 SIGN?    Look what happens when decent people pool their limited resources and fight back.  Kevin Rudd omitted to send out one particular and vital memo to his colleagues.  The Rudd factor is not about political correctness or personality clashes.  That would be far too simple an explanation.  Did he cause Australia to become entrenched in the Global Financial Crisis?  Was Kevin simply being Just Kev?    So what did the Prime Minister SIGN back in 09?   Hmmmmm.  We know. But was Rudd the cause of the looming catastrophe or did he inherit a diabolical Bankster Scam that had been running rampant in Australia for several years prior to the GFC?  Was ASIC just following the Nuremberg line?  We wuz just following orders?  Whose orders? Lots more to come.............................all the little ducks are flying in a row and its all so simple really.  Truth always is....

ASIC faces inquiry over CBA rogue planners DateJune 19, 2013 - 3:56PM Read later smh:  Adele Ferguson and Chris Vedelago 'ASIC is a problem as an agency,' the Senate has heard. Photo: Peter Braig Whistleblower: ASIC has let down CBA's victims ASIC deputy chief: We took the right action Fairfax Special: Exposed - Planners go rogue The corporate watchdog will face a Senate inquiry into its performance that is likely to embroil the Commonwealth Bank and raise questions about the effectiveness of new financial reforms. This kangaroo court of ASIC needs to confront a parliamentary inquiry.  A notice of motion was put in the Senate this afternoon by Nationals senator John Williams and supported by ALP senator Doug Cameron and Greens Senate leader Christine Milne, showing unanimous support from all sides of politics. CBA timeline. Senator Cameron said the inquiry into the Australian Securities and Investment Commission will be wide ranging, and...