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Slashed ASIC budget means less surveillance

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Australian Broker | 05 Jun 2014, 08:33 AM Agree 0
A severely-reduced operating budget for ASIC will mean its surveillance of certain sectors – including consumer credit – will substantially reduce and in some cases stop
  • MCC | 05 Jun 2014, 09:47 AM Agree 0
    Great! More fallout of a 'chicken little' approach by the coalition to a supposed 'crisis' , which in reality was not a 'crisis' , simply a need for structural reform in relation to long term planning on both revenue & expenditure sides! But hey if you want to take a few quarters of 'negative growth' (technical recession) go ahead ! Smacks of another time several decades ago echoing sentiments of a "Recession we had to have".
  • Bush broker | 05 Jun 2014, 10:51 AM Agree 0
    They will only have time to focus on us nasty brokers now, not our world class banking system
  • Wombat | 05 Jun 2014, 11:12 AM Agree 0
    This is a political manoeuvre by ASIC. They will find the operating budget shortfall by increasing licence fees.
  • SIDBROKER | 05 Jun 2014, 12:23 PM Agree 0
    Dear Mr. Abbott, You have reduced the staff at ASIC by 209. Thank you. Now please get rid of the other 1573.
  • Not Surprised | 05 Jun 2014, 01:08 PM Agree 0
    While I am grateful that ASIC may have to reduce some of its surveillance on the small end of town, I am angry that cuts have to be made to the operational budget of an organization that is key to healthy regulation of business and industry - an area in which Australia stands out compared to most other countries in the developed world. The consequence will be a fall in standards and lowering of the bar. Another reckless cut by a government which does not seem to have any clue how to run an economy other than to implement ideologically obsessed cuts.
  • Denise Brailey BFCSA (Inc) | 05 Jun 2014, 08:51 PM Agree 0
    Agreed Wombat. This is ASIC's usual bleating. It has forgotten the extra $100m on to of the $400 mill it received last year. ASIC has not been doing its job so why pay it more? ASIC needs to do what it does best and look after the High in the Sky big end of town and leave consumer protectiona nd even industry surveillance up to thos who can do the job: A proper FEDERAL BUREAU of CONSUMER PROTECTION that truly keeps an eye on the engineers of the calculators. The bureau will have a Serious Fraud Office (as in NZ) and a commonwealth tribunal, after ASIC suggested all states relinquish state tribunals. Medcraft is now suggesting we all go back to 1950's and buyer beware status. OK so why do we need ASIC? FOS has gone down the gurgler of late. We see the latest determinations by the new Big O and its obviously been captured by the major banks. More trouble ahead. If consumer complaints are properly dealt with and enforcement law is visibly pursued, the result will be a rise in confidence and a happier industry for all those who work in the area of financial services and products. I think the lenders are having a lend of all of us and ASIC only starts bleating when there are budget cuts to its do nothing policies. What say you all?
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