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BFCSA: Consumers will never forgive treachery of Cormann, Medcraft, Bushby TRIO

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ASIC not backing royal commission into CBA scandal

Banking and Finance  Date June 27, 2014   Georgia Wilkins

The corporate regulator has refused to throw its support behind a royal commission into the Commonwealth Bank financial planning scandal, pointing instead to the costs already spent on a Senate inquiry.  A powerful Senate inquiry has called for the bank to face a royal commission to investigate fraud, forgery and allegations of a cover-up inside its financial planning arm.  But Australian Securities and Investments Commission chairman Greg Medcraft played down the need for a commission, saying there had already been a number of submissions and inquiries into the scandal.

''There has been significant opportunities for people with evidence to present to this inquiry, and there is now the financial system inquiry,'' Mr Medcraft said.  ''So there have been a lot of opportunities to look at these matters.''  Mr Medcraft also raised the issue of resources, saying the regulator had already spent nearly $1 million to address the Senate inquiry.  ''That's part of the democratic process, accountability, I won't question that. But there is the issue of resources.''  ''If you spend resources here, you don't spend them somewhere else.''  Mr Medcraft's comments echo those by the bank itself, as well as members of the federal government, who on Friday pointed to Liberal senator David Bushby's dissenting report opposing another inquiry.

''[Mr Bushby] did make a very persuasive argument that yet another inquiry might not be the best way forward,'' finance minister Mathias Cormann told ABC radio on Friday.  ''We will carefully consider the recommendations of the committee.''  Mr Medcraft dismissed a claim that he had something to fear from a royal commission.  ''I don't fear anything. I want Australians to be confident when they deal with financial advisors,'' he said.  ''The best people who can do something about that is the financial advisors themselves.''  CBA said in a statement on Thursday that it strongly refuted the ''accusations'' in the Senate report.  ''The group takes very seriously the past events in Commonwealth Financial Planning and Financial Wisdom,'' it said.  ''Furthermore, we note the dissenting report from Senator Bushby.''


Federal Government resisting call for royal commission into ASIC and Commonwealth Bank

Updated 4 hours 47 minutes ago

The Federal Government is resisting calls for a royal commission into the corporate watchdog and the Commonwealth Bank.  The majority report suggests both organisations should face a royal commission.  However, Finance Minister Mathias Cormann says another inquiry into the financial system is already underway.  "I've had conversations with the senior leadership at the CBA in relation to some of these matters over the past week," Senator Cormann said.  "Once I've properly studied the report I would expect that I would have some further conversations.,,,,,,,,,,,,,,,,,,"I have spoken to (CBA chief executive) Ian Narev about the findings of the Senate Economics Committee today and I am confident that he and the CBA will have more to say by way of a considered response to that report next week," Senator Cormann said.

Jeff Morris, who exposed some of the wrongdoings at the bank, says the Senate inquiry has done an excellent job but it was limited in the time and detail it could go into.................."There are 320,000 clients at Commonwealth financial planning, ASIC themselves back in 2006 realised that 20 per cent of the advice across the industry was no good, yet they did nothing about it.  "So if you apply that 20 per cent across the 320,000 there would be 60,000 at CBA alone."

The committee's chairman, Labor senator Mark Bishop, says ASIC has been complacent in its investigation of the rogue financial planners and further investigation is needed.  "We still don't know how many clients have been affected," he said.  Nationals senator John Williams, the only Coalition member to endorse all 61 recommendations, told News Radio there should be a broad-ranging royal commission into white collar crime in Australia.  Audio: ASIC chairman questions need for royal commission in CBA scandal(The World Today)

"Many years ago we heard of the robbers with pistols and guns and rifles and now it seems to be biro and a computer the way people a lose their money and are robbed of their savings," he said.  Senator Williams says the scandal has been a "very big wake-up call" for the Commonwealth Bank and Macquarie Private Wealth.  "We can't go on having people who have worked hard all their life and built up a nest egg and seeing people rob it," he said.  Senator Williams says he has had meetings with the Commonwealth Bank and it is reviewing its files and making corrections.


ASIC chief says fresh inquiry would strain more

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