The Australian Parliament has listened to over a decade of excuses for consistent neglect coming from ASIC Chairmen.  ASIC became a boys club almost instantly for one age old reason: CONFLICT of INTEREST.

The Australian Securities and Investment Commission is attempting to serve two masters:  Banking and Finance Industry and the interests of consumer protection.  IT has failed.  ASIC continually suggests it has not enough funds and not enough powers.  Senator Coonan told the public in 2005: "ASIC has plenty of powers."  WE agree.  ASIC generates $800 million a year in fees and Treasury feeds back $400 million per annum.  Consumers have had "enough" of ASIC excuses when billions of dollars in life savings from retirees and lost homes via Low Doc Liar Loans have run rampant.

Australians losing their homes and savings is of no help to the economy and its time for Parliamentarians to wake up.  Consumers have begged for over a decade - back to the solicitor mortgage scandals, broker scandals and now the banker planner scandals: we require a Federal Bureau of Consumer Protection with an internal Serious Fraud Unit.  All of these scams were riddled with FRAUD AND FORGERY.  The Liar Loans 85% coming from the Major Banks and continue until today, are run by the Major Banks as a CARTEL and all loans we have investigated are clearly against the Bankers Code.  All Banks and NOn Banks are breaking the Code with approvals that should have been rejected.......for the sheer take of bloated profits and bonuses to the CEOs, the Control Frauds running these faulty and fraudulent products.  This is NOT about the selllers!

All loans now including full docs are UNVERIFIED, DESPITE LETTERS from Banks to the Ombudsman to say Low Docs are Verified.  FOS has blinkers on and has been captured - obvious when one collectively views all of the files from hapless consumers.   Determinations are favouring the Banks not consumers.  Banks pay the Ombudsman $5000 per investigation: a handsome $34 million a year income for FOS as an ex banker driven business.

The horror reality for consumers is loss of homes, loss of savings to licensed financial planners and crooked advice strategies..................all driven by commission.  This is our white collar criminal activity in the finance market place and the Finance System Inquiry needs to recommend a Royal Commission into Banks, Non Banks, Collapsed Companies the past decade and include the regulators ASIC and APRA as to their role in neglectful behavior.

Over $100 billion in Liar Loans and over $200 billion lost in financial planning scams licensed by ASIC.  ASIC has not investigated one lender and has not even bothered with those responsible for the hundreds of ruinous PONZI scams that sprang up due to poor surveillance and action. Instead of HANDING OUT PARKING FINES we need to rid our financial markets of these parasites.

Its time for a new Federal Bureau of Consumer Protection with an internal SERIOUS FRAUD OFFICE.

A Royal Commission into all players involved in these scandals is long overdue.

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