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BFCSA: ASIC Chief missing on IOSCO Junket Jobs! Away 51 days whilst Pensioners tossed into the streets. Are you busy lining your own pockets Greggy?

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ASIC chief's overseas trips draw criticism

Adele Ferguson, Ben Butler and Ruth Williams November 23, 2013   The AGE

Globetrotting... Greg Medcraft's travel this year

Globetrotting... Greg Medcraft's travel this year.

Paris, New York, London and St Petersburg are among cities visited by Australia's top corporate regulator, Greg Medcraft, during extensive taxpayer-funded travel that has caused him to miss crucial parliamentary hearings into the Australian Securities and Investments Commission.

A Fairfax Media investigation reveals Mr Medcraft has spent at least 51 days overseas in the first 10 months of this year, not including the time spent travelling to and from Australia. He flies business class, funded from ASIC's budget.

Mr Medcraft, who has already drawn fire from Finance Minister Mathias Cormann and Defence Minister David Johnston, was in the Russian city of St Petersburg during a Senate hearing on June 5 that sparked an inquiry into the performance of ASIC.

ASIC is under intense scrutiny over its handling of a string of corporate collapses and financial scandals, including the misconduct of at least seven financial planners employed by the Commonwealth Bank.

In April, he was overseas for at least half the month, jetting to Beijing, London, Dublin, Washington, New York and Delhi.

 In June he went to St Petersburg, Montreal, Toronto, Basel, Paris and Madrid. September took him to Luxembourg, Paris and London. He went to Brussels in February and Wellington in July. Much of Mr Medcraft's travel is related to his role as chairman of the International Organisation of Securities Commissions (IOSCO), a job he took on this year with the blessing of then federal treasurer Wayne Swan.

Jeffrey Knapp, a lecturer in the school of business at the University of NSW, said the role was one that other top-level regulators would not take on because it was a ''distraction'' from their main job.

''It does not look good to have the head of a national regulator regularly out of the nation, not on the ground doing what needs to be done in their own country,'' Mr Knapp said. ''It is sort of like a prime minister taking a posting at the UN at the same time.''

Nationals senator John Williams, a driving force behind the Senate inquiry into ASIC, said Mr Medcraft should spend more time getting his own organisation in order. ''He shouldn't worry about the world's problems until he fixes Australia's first,'' he said. But ASIC spokesman Matthew Abbott said many of the regulatory problems facing Australia ''need a global solution''.

''Having Greg as IOSCO chair means we have an Australian contesting and driving international financial services policy,'' he said. ''That is, we have an Australian looking out for Australia.''

Last year, Senator Cormann attacked Mr Medcraft as Wayne Swan's ''personal appointment'' and accused him of trying to ''hijack the policy agenda''.

His attack was echoed in June by Senator Johnston, who questioned the appointment of Mr Medcraft in violation of the then-government's ''merit-based'' public sector appointment process.

Alex Malley, chief executive of accounting body CPA Australia, said international travel ''must be unambiguously focused on supporting your core business''.

''Time and again we see that ASIC has taken its eye off the ball with a leadership distracted by role creep and an over-reliance on US and British policy thinking,'' he said.

A spokeswoman for Treasurer Joe Hockey endorsed Mr Medcraft and his role at IOSCO. ''The Treasurer is supportive of the chair,'' she said.

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  • doyla66
    doyla66 Saturday, 23 November 2013

    When the going gets tough, Greggy goes globetrotting!
    Tell him not to bother coming back.
    I'm sure we can manage without him.
    ASIC could install a cardboard cut out until a real Corporate Cop can be found to run the joint.

  • doyla66
    doyla66 Saturday, 23 November 2013

    Wow! Not a bad job.!!!! Guess it doesn't matter really, he has a lot of UNSKILLED workers within ASIC who can hold the fort. probably would not even miss him. As ASIC's performance is under scrutiny for not doing the job they are employed to do and Mr. Medcraft heads them, what difference does it matter whether he is there or not. Either way, nothing is happening, Mr. Medcraft doesn't make any contributions to sorting out the consistent fraud reported to ASIC. It's business as usual at ASIC, turning a blind eye to the systemic bankster fraud, affecting thousands of Aussie Mums and Dads.

  • doyla66
    doyla66 Saturday, 23 November 2013

    Greggy has to go overseas to get his glory because he is a laughing stock in his home country Australia.ASIC is still dysfunctionable with or without his guidance.

  • doyla66
    doyla66 Saturday, 23 November 2013

    It just so happened that i mentioned to a media manager this week, that Greggie's US Securitisation Program cost US citizens $11.9 billion dollars in bailouts from US gaxpayers-- to the Societe Generale Banking Group -- he near fell off his chair in disbelief, ===such is this man now running a mockery of Consumer regulation on a budget of excuses and obfuscstion, indeed Criminal Malfeasance in Office.

    -- hey, Greg, I'll be contacting you soon. we have a little gem of a case for ASIC to pursue "in the public interest"..do you think I could get a funding structure in place to "send a message"... ?

    ... and yes you'll arrive triumphantly last minute to take the kudos, ala stealing Denise's (Jenmans) years of seeking redress to systemic issues--- and yet, like any good salesman, that you are (not), where's the follow up enquiry--- like, is there something else ASIC could provide to ensure a fair and equitable market place... fat chance?.. for any of that, nonetheless, please anticipate my approach.

    After all, its all on the record...your poor record to be precise--- but, you may take heed, Mr Medcraft, it time at last to say "on your bike..

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