Apr 15, 2014

Calculating compliance: how ASIC ‘enforced’ financial advice laws

ASIC has failed to respond to serious allegations about its enforcement of the law on financial planning. Crikey examines the damning evidence against the corporate watchdog.

Bernard Keane — Politics editor

Bernard Keane

Politics editor

Nearly two weeks on from serious allegations being made by former Australian Securities and Investments Commission employee James Wheeldon about the corporate regulator’s response to demands from the retail superannuation sector for relief from financial advice requirements, we are yet to have a detailed response.

The issues raised by Wheeldon in his evidence to the Senate Economics Committee, which is investigating the Australian Securities and Investments Commission’s performance, are complex but go to the heart of the argument that ASIC is captured by industry and in some ways merely a cipher for the influential companies it purports to regulate. We’re going to deal with just two specific issues he has raised, and do it over two articles in order to explain how extraordinary ASIC’s behaviour was.

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2 thoughts on “Calculating compliance: how ASIC ‘enforced’ financial advice laws

  1. Bill Hilliger

    Oh well, it seems its ok (with the aid of a pen) for the retail superannuation industry to steal from a mostly indifferent public.

  2. CML

    So, what else is new? The big end of town fleecing the uniformed small retail funds customer?
    Surely not!

    Did you say this all happened under the Howard government?
    Even more extraordinary, NOT!!

    Definitely time for the revolution!!!

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