GLOBAL SUB-PRIME CRISIS

BANKILEAKS

Click on our Secret Library of Evidence ------>

    BANKILEAKS Secret Library

Loan Application Forms (LAF's)  

    Bank Emails to Brokers  

    Then Click on 'VIEW NOTEBOOK'

Join us on facebook
 

facebook3           facebook2 

BFCSA
MORTGAGE
DISTRESS SOS

What BFCSA Does...

BFCSA investigates fraud involving lenders, spruikers and financial planners worldwide.  Full Doc, Low Doc, No Doc loans, Lines of Credit and Buffer loans appear to be normal profit making financial products, however, these loans are set to implode within seven years.  For the past two decades, Ms Brailey, President of BFCSA (Inc), has been a tireless campaigner, championing the cause of older and low income people around the Globe who have fallen victim to banking and finance scams.  She has found that people of all ages are being targeted by Bankers offering faulty lending products. BFCSA warn that anyone who has signed up for one of these financial products, is in grave danger of losing their home.

Visitors

Articles View Hits
656001

Whistleblowers' Corner!

To all mortgage brokers, BDMs and loan approval officers! 
Pls Call Denise: 0401 642 344 

"Confidentiality is assured."

Cartoon Corner

Lighten your load today and "Laugh all the way to the bank!"

Denise Brailey

Led by award-winning consumer advocate Denise Brailey, BFCSA (Inc) are a group of people who are concerned about the appalling growth of Loan Fraud around the world. BFCSA (Inc) is a not for profit organisation in the spirit of global community concern and justice.

Click on the Cluster Map.

  • Home
    Home This is where you can find all the blog posts throughout the site.
  • Categories
    Categories Displays a list of categories from this blog.
  • Bloggers
    Bloggers Search for your favorite blogger from this site.
  • Login
    Login Login form

BFCSA: ASIC employees too intimidated by Senior Management....We know! And so are the Consumer Complainants

Posted by on in Corrupt Regulators
  • Font size: Larger Smaller
  • Hits: 2029
  • 1 Comment
  • Print
"People who complain are gotten rid of": ASIC
 
Monday, 9 December 2013 11:00am
 
By Laura Millan  |  In Regulatory   
 
Financial Standard
 
 

A submission to the Senate inquiry into the regulator's performance provides yet another testimony of a culture of "cronyism and favouritism" which includes threats and harassment of employees.

The testimony comes from a former employee of the Australian Securities and Investments Commission (ASIC) who worked in the regulator's stock exchanges operation from 2010 to 2013.

The submission states that "many ASIC employees are too intimidated by senior management."

"Typical responses [to matters of concern] include: you don't do that here, people who complain are gotten rid of, I've seen things done here to staff and don't want the same to happen to me, they'll get rid of you, there's nothing you can do, it's the way things work here."

The former employee lists several examples where ASIC failed to act to companies neglecting to provide information or cases of misbehaviour.

In one of the cases, ASIC failed to provide a company with information to assist it to fulfill its regulatory obligations and therefore the company did not provide the necessary information.

"Senior manager response was to berate me for raising these concerns and to shout that 'ASIC didn't care about such matters and that another regulator could bother about them,'" the former employee said.

The person recalls that after raising those concerns, "some 54 versions of ASIC's final report were produced with input from five different staff members. Any issues of possible contention such as those I raised were written out."

The document also includes a case where the former employee was "reprimanded by for seeking this advice and my concerns used as a reason to place me on probation. To retain my employment I was directed to "improve" my handling of such matters."

 

Financial Standard

 
 
Last modified on
Rate this blog entry:

Comments

  • doyla66
    doyla66 Monday, 09 December 2013

    Storm and tempest from the senior paper tigers at ASIC - poor staff!

    ASIC are paper tigers! I know of others who are very afraid of their perceived power as well. This power is an illusion: why else would Greggy be asking for more powers if he and the rest of senior management weren't feeling their lack of power and general inadequacy?
    Criticise ASIC, even within the context of a Parliamentary Inquiry, and we're drenched in volumes of ASIC-style self defense. Even worse at the public expense. I think they should have been instructed to do that work in their unpaid time! A 200 page submission from the masters of regulatory failure is overkill! Singling out BFCSA for special denigration is a further waste of their time and our money. Obviously they don't have anything more useful to do at ASIC Inc. - NOT!
    How about ASIC get on with mopping up the years of spill from their phenomenally slack record on consumer complaints?
    And for the Senators, don't let ASIC intimidate you or anyone in the course of this Inquiry. Don't give your power away to them! Stand your ground and make them back down. Same for the Banks. We do: you can.
    From the above submission, ASIC are sounding more like a fascist bootcamp than a modern office. Little wonder their staff appear to be headhunted to other corporations: they'd be glad to get out of there and leave the ASIC execs to their draconian straightjacketing and puerile temper tantrums!

Leave your comment

Guest Sunday, 08 December 2019