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Influential group calls for death of ASIC, ACCC

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Australian Broker | 11 Jul 2014, 09:49 AM Agree 0
A group has called for a major rationalisation of Australian regulators, effectively eliminating ASIC and the ACCC
  • Regional Broker | 11 Jul 2014, 10:08 AM Agree 0
    How can a former CBA head of strategy be involved in this , their track record is speaking for itself , was he in this role when the financial advice scandal was evolving??
  • Jim | 11 Jul 2014, 10:16 AM Agree 0
    yep set up a new body to prosecute & jail as vigorously as ASIC of the brokers all those rotten GPs rorting millions $$$ from medicare with immunity ! No one in the government has the ball to touch the medicos, only the poor brokers !
  • MCC | 11 Jul 2014, 10:19 AM Agree 0
    No problem with this as long as transparency & independant decision making is able to be maintained; without due influence from the relevant industry 'lobby groups' - oops there goes another 'pink pig'!!!!
  • Denise Brailey BFCSA (Inc) | 11 Jul 2014, 01:19 PM Agree 0
    Former CBA Bank Heads putting in his "wisdom" after all the fraud and forgery we have evidence of coming from CBA and his banker mates. As I stated in Parliament ex Banker's and ex ASIC or ex ACCC should never be involved in developing new models or the industry has more the same and consumers will never trust these regulatory people again. Consumer Protection was the primary issue for happiness and fairness in the marketplace. Banks and Regulators have killed any trust that may have been there. Government decided on the TWIN PEAKS MODEL and Monash Uni experts know that! This is the Banks attempting to influence the must have new regime of regulatory control and get in first. NO Bankers need apply! Consumers deserve better and many brokers and planners are victims of the same problems. Its the aggregators who are siding with Banks. You all need a specially created Federal Bureau of Consumer Protection. The proposed Senate Inquiry shows its all leading to a Royal Commission into this sorry mess. Future recommendations of standards and new departments can only come from the Royal Commissioner not the Banking sector. CBA advisers were taught in two weeks what to sell. That's why CBA took no action against themselves. It was Banker's financial strategies and futuristic selling tools that caused those losses by customers. They were the Engineers and ASIC agreed with me in meetings but did nothing about it. There will be a Royal Commission.
  • MCC | 14 Jul 2014, 09:34 AM Agree 0
    Interesting how we pursue the 'Union Bosses' under a 'Royal Commission' but I would make the statement that the value of peoples' life savings & suicides in some cases should be valued much higher! Cronies at work will unfortunately not allow a 'Royal Commission' in this instance because they all move in the same circles. So I challenge those people to open the can of worms & let the 'cleansing' begin!!!!
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