ASIC chair: I am not empowered to discipline commissioners
The chairman of the Australian Securities and Investments Commission, Joe Longo has told a Parliamentary Committee that he has no power to sanction ASIC commissioners.
Appearing before the Senate Economics Legislation Committee today, Longo said that while all commissioners were subject to the ASIC code of conduct there are no formal sanctions that can be imposed on them for breaches of that code.
Longo was making the statements in the context of explaining why he chose not to act on the findings of a Treasury-initiated investigation into ASIC deputy chair, Karen Chester.
Longo’s formal statement said that the only legislative sanction available in relation to an ASIC commissioner is termination by the Governor General.
“As ASIC’s chair, I’m not empowered to formally sanction or discipline commission members,” he said.
May as well state they are corrupt by design!
Meanwhile…..
so these people operate outside the law?
What a load of CRAP !!!! Two sets of rules as always … Corrupt as they day they were born .. FFS
So what is the point of having him or a Chair?
A chair in any organisation is meant to maintain order, set the agenda and ensure participants adhere to the decisions and standards that have been determined.
Yet more proof: ASIC is corrupt – not that you’ll get any mainstream media doing investigative journalism into it like the high standards of bygone eras.
If he’s as useless as he suggests then he should be excused from his role, should bring down the CRIS by a fair percentage…
The Gestapo reports directly to Herr Himmler…..in our case corrupt ASIC and Treasury officials report directly to Industry Super Funds. and if any of you Financial Planners have a problem with that we’ll find that spelling mistake in your FDS and we’ll bury you small business owners in red tape. So watch out.
Joke of a response from a joke of an organisation.
Only it’s not funny.
Time to throw the baby out with bath water and start again.
Get rid of asic, choice and corps act garbage. Professional standards board with teeth.
Professionals only need apply.
ASIC Chair = the Chair you have when you’re not having a Chair.
Of course it’s bloody Government and NO ONE is ever responsible, quick look over there, it’s not me, says every Govt bureaucrat.
Clean the Canberra swamp and start again.
the Chair you have when you’re not having a Chair = a stool
stool = medical term for sh*t
therefore, ASIC chair = asic(k) sh*t
Definitely an accurate analogy!
There is no accountability for public servants at any level of government – disgraceful!. ASIC is a kangaroo court at the best of times implementing policy on the run with no consequences. They need to be formally investigated.
Wouldn’t it be nice to have a code of conduct for which there were no actual obligations, or consequences of a breach.
Meanwhile, in the real world…