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ASIC vows to tackle poor culture in finance industry

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Julia Corderoy | 06 Aug 2015, 08:07 AM Agree 0
ASIC has vowed to tackle poor culture in the financial services industry, saying that a culture of poor conduct is a key driver in widespread mistrust in the industry
  • Broker | 06 Aug 2015, 08:40 AM Agree 0
    But don't touch the banks ha!
  • Paul NQ | 06 Aug 2015, 09:05 AM Agree 0
    It seems funny that the Bank's culture of maximising cross sells, often regardless of client needs, is not in question.
  • Anonymous Broker | 06 Aug 2015, 09:15 AM Agree 0
    Why are the banks being left out of the discussion? What is the objective here? Remove poor financial advisers?

    Poor advisers giving poor advice, it is in all sectors of society, we as brokers are not alone.
  • Honest Broker | 06 Aug 2015, 09:17 AM Agree 0
    So it's pick on the soft targets as usual. Banks may be too hard and fight back.
  • lol | 06 Aug 2015, 09:17 AM Agree 0
    Can ASIC shut down APRA then?
  • Michael | 06 Aug 2015, 09:21 AM Agree 0
    ASIC need to target their resources where they are required. Car dealers F&I staff who enjoy the point of sale exemption for instance. Make car dealers subject to same regulations as brokers as not a level playing field at present.
  • Paul | 06 Aug 2015, 09:47 AM Agree 0
    How about tackling the poor culture inside the political class?
    ASIC continues to waste funds. Around and around they go chasing the politically and mass media popular targets.
    How about some attention to real estate agents?
  • Clarke Kent | 06 Aug 2015, 09:53 AM Agree 0
    Yes there is never any mention of the banks' and why is that so?. Because they have the bankroll to quash anything internally
  • SEQ Broker | 06 Aug 2015, 10:03 AM Agree 0
    ASIC making work for themselves, heaven forfend that they may not have anyone to chase this month. If any financial services adviser is anything illegal then by all means ASIC go for it. Dont give me hogwash about poor industry standards, particularly after the NCCP. The rest of the world holds Australia pretty high in their opinion regards standards. You are chasing the 1% of those soft targets eligible for you to chase. Find any field where there is less than 1% poor behavior.
  • Hardworking Broker | 06 Aug 2015, 10:21 AM Agree 0
    But Car Dealers are left to do whatever they please under the POS exemption. It is a joke, we are quite rightly subject to appropriate and stringent laws, they are able to put anything the feel like into an application, complete no verifications and sell any product they feel like with no regard to appropriateness and no one bats an eyelid. We are easy targets
  • 20 year broker | 06 Aug 2015, 01:18 PM Agree 0
    If there is so mistrust in the industry why do brokers have over 50 % market share. I have been through 20 years of regulation here in WA and I can tell you majority of brokers here are professional and right thing by their clients. More than I can say for the banks, F&I operators who seem to get away with it untouched. DOCEp was toothless tiger ans ASIC you are even worse so slow to act in many cases. Most aggregators have compliance process already installed in there software it is difficult for a broker to do the wrong thing unless they want to blatently defraud. I think you need to take a good look at yourseld ASIC before casting dispersions.
  • A Gibson | 07 Aug 2015, 12:36 AM Agree 0
    Quote - We'll ensure that everyday Australians who suffer loss are remediated appropriately and as quickly as possible.”

    What a load of horse putty!

    I reported loan origination fraud (with evidence) to the WA Police Major Fraud Squad (WAPOL) back in 2013. I was provided with an IR number. I also reported the fraud to ASIC. The loan origination fraud was perpetrated by the mortgage manager (and stated Lender / beneficiary) acting for and on behalf of the 'lender of record' aka the - Trustee. I have evidence which shows that ASIC told WAPOL not to investigate the fraud.

    I have been in the WA Supreme Court for 3 years fighting the Trustee … We are now heading off to trial …

    ASIC is full of its own proverbial! I'm wondering, when will I get recourse, where is my remedy and how quickly will this occur?

    For the record ... my case is stated (and interpreted by Justice Allanson, WASC)
    http://www.austlii.edu.au/cgi-bin/sinodisp/au/cases/wa/WASC/2014/433.html

    I am still fighting this fraudulent transaction in the WA Supreme Court. It's not just brokers who have done the wrong thing - its the intermediaries acting for and on behalf of the trust managers , master servicers and trustee's of securitisation transactions.

    The civil court has a lot to answer for … they simply can not allow Trustee's to take advantage of the fraud of their beneficiaries / agents.

    Stay tuned peeps …
  • A Gibson | 07 Aug 2015, 01:21 PM Agree 0
    Nobody believes ASIC's Greg Medcraft, do they?

    ASIC has been the financial advice industry regulator since 2001. It's had 13 years to clean up the filth & corruption. It's done nothing for years, other than eat lobster and turn a blind eye to assist the 1,000's of greedy crooks in the FP industry who've paid for its expensive lunches. Now, when the heat is on ASIC, it feigns these whimpering sounds of despair. Sorry, it's way beyond pathetic.

    If ASIC has taken 13 years to reach a point where it is now 'appalled', then ASIC should be dismantled because, clearly the fools (crooks) that work there are incompetent in administering the important responsibilities given to them by the Australian Public. Let someone else take over and make ASIC give back the tax payers' money ASIC took to do a job it never even attempted to do.

    Thanks for the article, I'm forwarding it on as you suggest. I'm Cc'ing it to ASIC's Peter Kell and a few other 'luminaries' so that they know what people think about their non-performance and their crocodile tears.

    Mr Kell, such words from yourself and Medcraft just don't cut it. You've allowed the ruination of hundreds of thousands of people's lives through your 'no action' policy. You've refused to give the public access to your commission when they needed it, even though we pay you all. Personally, I hope they jail you both for your failure to administer your duties as public officials. And, I'm still waiting for your phone call, you spineless little shiver. If you can't even face up to me, it's no wonder you've had so much difficulty in effecting your role as the 'industry watchdog'. Resign now and confess to what you've done to avoid bringing further disgrace upon your families.
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