Recently, the ABC released a report on the incompetency of ASIC- Australia’s corporate watchdog. The article shed light on how the ASIC has failed to effectively conduct investigations and that it’s time for the Federal Government to dispense with ASIC and start afresh.
The publication states:
As a law enforcement agency, it has been woefully ineffective since the turn of the century. Even in the days, more than a decade ago, when it occasionally launched legal action against corporate heavyweights, it inevitably lost because of its own incompetence.
The article goes on to shed light on the corporate watchdog’s cosy relationship with the banks as well:
“Further evidence of misconduct”? Just imagine if the Queensland Police Service or any other law enforcement agency wrote to organised crime figures informing them they were off the hook. Those letters were used by some recipients to ward off civil action from aggrieved shareholders or as ammunition to launch successful defamation actions.
ASIC was a reluctant participant in the battle over Storm Financial, which the CBA, Macquarie and Bank of Queensland used as a stalking horse to push loans onto hapless retirees and pensioners who could never afford the repayments.