ASIC shambles continues

Intelligent Investor

Independent Financial Research

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)


Intelligent Investor
Intelligent Investor
Independent Financial Research

Intelligent Investor is an independent financial research service with a 14-year history of beating the market. Our value investing approach empowers Australians to make more informed decisions to build their long-term wealth. We off structural...

Expertise

No areas of expertise

I would like to

Only to be used for sending genuine email enquiries to the Contributor. Livewire Markets Pty Ltd reserves its right to take any legal or other appropriate action in relation to misuse of this service.

Personal Information Collection Statement
Your personal information will be passed to the Contributor and/or its authorised service provider to assist the Contributor to contact you about your investment enquiry. They are required not to use your information for any other purpose. Our privacy policy explains how we store personal information and how you may access, correct or complain about the handling of personal information.