ASIC has failed on all levels and needs to be demolished and restructured.  It has a $450 million budget, brings in an extra $300 million in revenue for Treasury and yet fails to protect consumers.  Then when collapses occur, consumers that have complained to ASIC some time prior, are not even alerted to a court case taking place.  Why we asked?  ASIC simply "does not have to."  ASIC has treated consumers with contempt since inception in 1998.

ASIC even permitted FOS to gain documents of the wife's earnings, from a second bank under the Privacy Act to pass the details of the wife's income on to the current bankers, and the wife was not connected to the loan!!!!!

Yet when consumer ask for the most basic of information and documentation ASIC permits FOS to say "NO bugger off" to the consumer.  Its a cycle of grand contempt of Australian Citizen's rights when crying out for assistance and understanding.

I suggested in 2000, that the cash cow of ASIC ($300 million) be handed over to consumers in terms of compensation for the neglect of ASIC's Performance.  That's why we are having the senate finally look into what ASIC has really achieved for consumers.........ZIP!

And of course the first set of witnesses are all the Industry bods and ASIC luminaries who have been the root cause of so much financial strife, suicides, illnesses and divorces.  While extended families are also bearing the brunt of ASIC's negligence which we say contains all the hallmarks of corruption.

How can victims of Banker Fraud be denied a Royal Commission into the Banking System, and yet we have one currently, to look into Unions?  

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A reader explains his experience with ASIC.

I was contacted last year by ASIC as a result of Denise's meeting with Warren Day( ASIC). I raised the point that none of the investors were informed of ASIC's intended actions against Sevelle. Con T (ASIC) informed me that they are not obliged to inform consumers of pending actions.  I stated how can a case be brought to an out of state court (Brisbane) when all the investors were based in Newcastle and the Central Coast and then settled AND the first we know is a letter from Ernst and Young? ( that's another horror story) This was accomplished in less than six weeks, light speed for ASIC action. I then told Con T about other ASIC actions and he said I find that hard to believe Mr Toplis and then changed the  subject stating what a great job ASIC was doing. Every time I tried to to ask questions he avoided the subject.

 Another reader re ASIC and SEVILLE....ASIC is their licensee!

...I could write a book on the pain we go thru all the while trying to teach our childrenn to be thankful for what we have

We need a royal commission...this is criminal and no one wants to help

ASIC are an absolute disgrace...what do those guys earn ??

 

This is purely a snapshot of what the banks have done....JC