Comment of the Week goes to…

by 24 Jan 2014
 At Australian Broker, we love a bit of healthy discussion, which is why we honour our favourite comment each week with a lofty little title. Drum roll please...

Following the latest in a recent wave of broker bans put in place by ASIC, brokers were quick to share their opinions on the regulator - many of them less than favourable.

ASIC deputy chairman Peter Kell said the watchdog had taken action against eight credit providers in the last three months, labelling the number "unacceptably high".

The statement saw the regulator blasted by many brokers, while reader Dave took a holistic view of the situation.
"Another shonk gone - great! This is not a small fish - this is a dishonest fraud who deserves to be expelled rather than banned for three years. Nevertheless, Peter Kell's comments need to be put in perspective - there is currently a Senate enquiry into ASIC's effectiveness, there is a possibility its chairman may not have his contract renewed and, most importantly, there is a real possibility that ASIC's budget may be cut under the current Government's cut backs. Kell's statement is designed to justify ASIC's future funding levels - and we can expect more of this in the coming month or so as Hockey and Treasury put the May budget in place."

Thanks to everyone who contributed comments over the last seven days and keep an eye out next Friday to see if you're the author of Australian Broker's next top 'Comment of the Week'!