ASIC faced 1997 complaints over 10 years
The Australian Securities and Investments Commission (ASIC) has been the subject of nearly 2,000 complaints to the Commonwealth Ombudsman over the past 10 years, according to evidence provided to a Parliamentary Committee.
However, the same data from the Commonwealth Ombudsman reveals that of 1,951 complaints finalised during the period, the Ombudsman’s Office only investigated 91.
Where the Ombudsman’s Office did not investigate, in the majority of cases it was because it declined to do so (1,015) or it advised those making a complaint to “pursue [it] elsewhere” (845).
What is more, the data also reveals that few of the complaints with respect to ASIC emanated from the financial advice sector, with just five being recorded over the 10-year period – two in 2015-16, a further two in 2016-17 and one in 2018-19.
The Ombudsman’s data reveals that 2020-21 was the busiest year for receiving complaints relating to ASIC with 258 complaints registered, also worth noting is that most complaints were registered over the period 2018-19 to 2020-21.
Looking at outcomes, the Ombudsman’s data revealed that most often complaints were finalised on the basis of complainants receiving a better explanation, while in in 16 instances, ASIC undertook to reconsider an issue.
In five instances, ASIC issued an apology.
Any Regulator that thinks it’s acceptable that you can go to jail giving out a FDS on a Monday when the anniversary date falls on a Tuesday is morally bankrupt.
It was stated “What is more, the data also reveals that few of the complaints with respect to ASIC emanated from the financial advice sector, with just five being recorded over the 10-year period”.….. this highlights ASIC is the Gestapo department and Financial Planners are like the Jews in the Getto’s of 1939 Germany. Financial Planners are like the cockroaches that scuttle about in the kitchen at night when the lights are turned on when it comes to ASIC.
As an Adviser of over 20 years, I am 100% convinced now that ASIC are corrupt and on the payroll of large insto’s and Banks. Financial Planners are the gatekeepers between these Super funds and Australians. ASIC dosen’t like Planners keeping these large firms honest and calling out their failings. ASIC find it far easier to send Financial Planners to jail because a $200 boat was left out of a now defective Statement of Advice, rather than chasing after the criminals of billions of dollars of scams each year or even the blonde girl on Tik Tok that makes twice as money as me giving free advice out.
Can you direct me to the ASIC release where someone went to jail for issuing an FDS one day late?
This ain’t a joke mate. The Corporations Law and ASIC regulatory guides and policy statements are very very clear on the matter. Just because you don’t treat this seriously and or follow the law accordingly, whilst the rest of us are trying to meet these ridiculous obligations and are forced to adjust the way we operate, the fees we charge, and the type of clients we assist accordingly. This ain’t AMP mate.
Ethics exam for everyone at ASIC is the only way to bring back trust in the regulator.