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.