Senate Committee hits ‘obstructive’ ASIC
A key Senate Committee has recommended that the Australian Securities and Investments Commission (ASIC) be forced to produce documents and other information revealing how it has conducted itself in relation to questions asked by the committee.
In doing so, the committee has rejected ASIC public interest immunity claims over closed cases and has threatened referral of matters to the Parliamentary Privileges Committee.
An interim report from the Senate Economics Committee has made two key recommendations – both of them aimed at forcing ASIC to deliver on the information.
The chairman of the committee, NSW Liberal Senator, Andrew Bragg, said in a separate release that he believed ASIC was trying to frustrate the Senate’s role “to investigate porous law enforcement in Australia”.
He said the committee’s interim report contained a pathway to disclose closed case files in which ASIC had failed to enforce the law.
“ASIC has one main job which is to enforce the law and achieve prosecutions,” Bragg said. “ASIC has failed to do its job.”
It’s great being a financial adviser in Australia isn’t it?
Dear NSW Liberal Senator, Andrew Bragg, it’s simple ASIC have no time to chase Unlicensed, Unregulated Financial criminals, or actually regulate at all Industry Super, as ASIC spend the majority of their time trying to kill Real financial Advisers via STRANGULATION OF MASS BS OVER REGULATION.
Thus clearly ASIC have no time to prosecute other areas.
But wait, even better ASIC get Real Advisers to fund court cases that have nothing to do with Advisers or Advice.
ASIC are Corrupt, Incompetent, Stupid A…..holes.
Interesting how I turned away an Australian who could not afford my advice fee, and they fell straight into the hands of scammers. They came back crying saying they’ve lost it all. I rang ASIC and we’re greeted with a “what do you want us to do about it” ….Yet I paid over $18,000 in ASIC levies, they pushed up the cost of advice, and they’re sending Advisers to jail for spelling mistakes in a fee disclosure statement. On the other hand a Union Super fund, or the guy/girl on Tik Tok can do and say whatever they want. Stop burying Advisers in red tape and Government bureaucracy ASIC. After 20 years in this industry I am 100% convinced ASIC are just corrupt public servants on the payroll of Super funds tasked with eliminating genuine conflict free Human lead advice.