For the best part of a year, ASIC unsuccessfully tried to get the banks to the table on a “commercial settlement”; to hand back a portion of the cash they had pilfered.
In a recent interview with ANR, an industry observer said, “it’s hard to disagree with the ABC on ASIC. ASIC haven’t gone after the banks or the financial planning industry (which the banks largely own) for two decades despite many warnings of the scams going on within the industry.
“Instead, they went for easy targets including financial educators that were a threat to the financial planning industry. I mean, who needs a financial planner if you have a financial education taught by those with a PhD in results versus a 2-day theory-based financial planning course? How much training do hairdressers get to cut hair? 3 years!
“Yet financial planners in most cases get 2 days of training. Plus, most bank financial planners haven’t invested a cent in their life. It’s also the very industry where most ASIC staff hope to get a cushy job in the future, thus they harbour very pally relationships with them.
“Name another organisation in Australia that has caused more deliberate and inadvertent investor losses than ASIC? Why do they cause investor losses?