ASIC shambles continues

Australia's corporate regulator once again shows that we don’t take corporate wrong-doing very seriously in Australia. Before berating Australia’s corporate cop once again, it’s worth remembering that we don’t take corporate wrong-doing very seriously in this country. ASIC bosses may disagree but the findings of the 2014 Senate hearing into ASIC’s performance were clear enough. It took eight years for ASIC to do anything about Commonwealth Bank’s (ASX:CBA) financial planning arm ripping off clients. The subsequent Senate hearing into the matter left Senator Mark Bishop declaring the evidence ‘shocking’ and that the credibility of both ‘ASIC and the CBA is so compromised that a Royal Commission really is warranted.’ It didn’t happen. Instead, we got another scandal from CommInsure. In 2014 ASIC also declined to investigate two David Jones directors for insider trading in a case Juliette Overland, a corporate law lecturer at University of Sydney, said looks like ‘a very clear example of very improper trading’. Continue reading full article: (VIEW LINK)