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BFCSA: ASIC always knew extent of compensation. Medcraft must GO!

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CommFP says ASIC always knew

16 June, 2014  5 comments

CommFP says ASIC always knew

 Commonwealth Financial Planning (CommFP) has provided a Senate Committee with documents it says proves that the Australian Securities and Investments Commission (ASIC) was well aware of the extent of its compensation arrangements. 

The documentation, published on the Senate Committee's web site raises serious questions about why neither ASIC chairman, Greg Medcraft nor his deputy, Peter Kell, were made aware of the extent of CommFP's arrangements and the role of ASIC's own officers and why the regulator's original submission to the committee ultimately proved to be misleading. 

ASIC chairman, Greg Medcraft last month issued a statement expressing concern that the regulator had been misled and foreshadowing the imposition of license conditions on CommFP and Fianancial Wisdom. 

Money Management understands that at least a part of the problem was owed to staff turnover within ASIC and the fact that key personnel involved with CommFP in working through the compensation arrangements had left the regulator and this is something made clear in CommFP's answers to questions on notice from the committee. 

Those answers make clear that ASIC personnel were well aware of the processes being pursued by CommFP in 2010 and 2011 and that regular meetings were held between the banking group and the regulator, "typically monthly". 

The answers point to an "iterative" approach to the compensation arrangements, but in the context of ASIC being consulted at each step. 

The CommFP answers to the committee argue that ASIC took "a quite siloed approach to each remediation project with the projects only coming together, with a significant number of staff shared across them, in 2011". 

"Turnover of ASIC staff throughout the projects was considerable," the answer said. "We believe this made it difficult for ASIC to have an overview of the projects as a whole as well as a deep understanding of the phases and development within each project despite communication with them. 

The CommFP answer then notes that ASIC is involved in similar processes with other licensees but that they have not been required to fund independent legal, accounting and financial advice or to notify all customers regardless of whether compensation is payable.

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  • Denise
    Denise Friday, 20 June 2014

    ASIC needs to have CONSUMER PROTECTION taken away from them. ASIC has shown at every turn they do not want the job of protecting consumers, evidenced by the billions in losses to date. ASIC needs to be sacked from anything other than a bad data base manager. Many directors DOB's are fake and ASIC knows that! [email protected]

  • Denise
    Denise Sunday, 22 June 2014

    If you wish to COMMENT you need to be a registered paid up member. Please use a pseudo user name but your correct email must be used to create a LOGIN as the system will recognise paid up members of BFCSA. Press BLOG button on front page and re-log in. The Guest comment facility has been removed due to nuisances. You can use your own picture or avatar as a logo and then log in with same details for each entry into the BLOGS and COMMENTS. We welcome your comments and sorry for the inconvenience. You only have to register LOGIN once. Then we know who you are. If you are stuck then email me [email protected]

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