ASIC – a toothless tiger of financial industry

Last night I was looking for some light reading, so I’ve turned my attention to the Money Management website. On it, I found an article telling us that ASIC (Australian Securities and Investments Commission) purposefully does NOT take action against misleading advertising by Industry Super Funds.

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For anyone who just came back from extended travels throughout the Phoenix Cluster galaxy and might not be up to speed with things here on Earth, Industry Super Funds are effectively owned by the Unions and for all intents and purposes are untouchable.

According to ASIC’s own website, they “contribute to Australia’s economic reputation and wellbeing by ensuring that Australia’s financial markets are fair and transparent, supported by confident and informed investors and consumers.” Again, in their own words, one of their strategic priorities is “Ensuring fair, orderly and transparent markets”. They should add “unless it involves Trade Unions, in which case we tuck our tail between our legs and play dead”.Don’t get me wrong, ASIC isn’t just sitting idly on its hands. It jumps in and investigates and sets rulings and cancels licenses and banishes businesses….. Only last year they banned a finance broker from Lidcombe, NSW. They banned Commonwealth financial planning adviser for not providing a paperwork within specific timeframe. They banned adviser of the Magnitude Group. They banned insurance broker of Leedam Pty Ltd. The list goes on and on and on. Mostly ASIC came down really hard on small to medium size businesses.

real people are the victims

-thejournal.ie

Don’t get me wrong, ASIC isn’t just sitting idly on its hands. It jumps in and investigates and sets rulings and cancels licenses and banishes businesses….. Only last year they banned a finance broker from Lidcombe, NSW. They banned Commonwealth financial planning adviser for not providing a paperwork within specific timeframe. They banned adviser of the Magnitude Group. They banned insurance broker of Leedam Pty Ltd. The list goes on and on and on. Mostly ASIC came down really hard on small to medium size businesses.

 

I am the first to congratulate ASIC for cleaning the industry from the dodgy operators. I would congratulate them even more if they actually dared to face up to the real bullies of the industry.

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