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BFCSA: Medcraft and ASIC figures: 0.56 complaints per year per investigator. Its a bludge job.....................

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BFCSA have lobbied long and hard for an Inquiry into ASIC, calling for one in 2001 as RECA.  Greg Medcraft Chairman of Australian Securities and Investment Commission, and also Chairman of IOSCO (International Org of Security Chiefs) has hit back at his critics of which our members are staunch by experience in their criticism of ASIC.  

In fairness, we are happy to record Mr Medcraft's views of his own leadership and staff.  We do note however, that a boast of recovering $345 million, is embarrassing as over $400 million was lost in Westpoint, which ASIC sat on like a Mother Hen and did nothing for five years until its collapse.  It also fails to quantify the absolute losses ASIC has recorded as being well over $80 Billion, whilst ASIC slept.   Medcraft boasts that ASIC has banned 168 people in 3 years.....no LENDERS MENTIONED.   No criminal charges to assist in the $80 BILLION investigations that ought to be carried out.

And this one, we can hardly contain the mirth, if the subject matter was not so serious:

"554 investigations in 3 years."  I have two volunteer staff members (part time) and ASIC boasts 313 investigators.  We read this as 184 investigations per year and that means each investigator handled 0.56 investigations per year per investigator.  Medcraft is an accountant........but then again it could be very interesting at question time.....provided of course he is not a no show at the Senate Inquiry as he was last year.   This email address is being protected from spambots. You need JavaScript enabled to view it.

 

ASIC slams ‘smear’ tactics in face of inquiry

·         Australian Broker News

by Amy Rosenfeld | 03 Dec 2013

ASIC chairman Greg Medcraft has defended the regulator’s work as a Senate inquiry into performance looms.

“Recent media reports have tried to cast doubt on ASIC's good work and smear our staff and culture,” said Medcraft. “These reports coincide with the Senate inquiry into our performance.”

ASIC has made three submissions to the inquiry, outlining the regulator’s “many achievements” and highlighting “areas where we believe we can improve”, said Medcraft.

He gave a list of key accomplishments for ASIC in the past three years, including 4000 institutional surveillance, 554 investigations and banning 168 people.

“And, most critically and crucially,” emphasised Medcraft, “obtained over $349 million in compensation for consumers.”

The inquiry is something the regulator will be taking “very seriously”, said Medcraft.

“ASIC will be fronting up to the Senate inquiry and answering any and every question to the best of our ability.

“We welcome the inquiry and all the submissions people have made. We read them all and want to use this information to do a better job."

More than 340 submissions have been received by the inquiry.

In a further statement, Medcraft defended his role as chair of the International Organisation of Securities Commissions.

Medcraft has been criticised for his extensive travel as head of the organisation, after it was revealed he spent 51 days overseas in the first ten months of the year.

“IOSCO is a body that represents over 120 jurisdictions around the world, 95 per cent of the globe's capital markets and is the key reference group for the G20 leaders and other policy makers,” said Medcraft.

“Being chairman of IOSCO does mean I have to travel from time to time but I think it is important and benefits Australia. 

“So many of the issues facing Australia are global issues and need a global approach. Also we want to make the global initiatives work for Australia, rather than against us.”

 

 

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  • doyla66
    doyla66 Tuesday, 03 December 2013

    80 billion lost and 349 million in compensation!
    That's 0.436% roughly!!!
    How much closer to 0 can one get?
    Where else on earth is a near ZERO result a success?

    Only ASIC can claim that. It is outright insulting. The culture of failure and 'couldn't care less' prevails.

    Mr Medcraft, you could boost your results by investigating Famularo. You closed this file although you know this man did not have a Financial Services License. Why did you? All evidence was provided for you together with a legal opinion. Result: File closed. No action. 50 million lost. 150 people destitute. Famularo is still active, still not licensed. Nobody stops him. And yes, you were personally involved in shutting down the case.

  • doyla66
    doyla66 Tuesday, 03 December 2013

    Bafia rules, OK? Not for long in this country, thanks to Denise Brailey and BFCSA! More coming ...

    Maybe we're supposed to feel incredibly lucky that ASIC did that much! That's the impression they give with their press releases. It's a wonder they get anything done. Their ethos does not serve the people of Australia to the extent and in the way that we had been led to believe. Either ASIC or the Government or both are to blame for this.
    Remember Jamie Dimond and Larry Summers both wanted weak regulation so that they could control the world markets.
    Larry Summers was by passed as head of the Fed, after Bernanke. (ref: Greg Palast)
    Now the US is busting banks for fraud, where would they head for? Australia. Next NZ/Pacific Islands. Next the Middle East.
    Asia is a bloc, as is Europe, already. If Australia quickly tightens up we may squeeze the scammers out.

  • doyla66
    doyla66 Tuesday, 03 December 2013

    Medcraft hoisted by his own petard

    Denise and team great research , ASIC would need 300 spin doctors working fulltime for 10 year to create enough drivel to hide those atrocious performance percentages and even then FOS would be the only ones who would believe them

  • doyla66
    doyla66 Tuesday, 03 December 2013

    This makes ASIC look worse than ever. What a shocking job performance review for ASIC..

  • doyla66
    doyla66 Tuesday, 03 December 2013

    Like the comment - no Lenders mentioned. That is so true. Look at the Doyle case.. SENRAC are still operating!!

  • doyla66
    doyla66 Tuesday, 03 December 2013

    Just wonder how many bods' were taken away from the real work to prepare the three submissions?

  • doyla66
    doyla66 Tuesday, 03 December 2013

    In another similiar article -'We see cyber crime as a key risk not only to the markets we regulate but to the stability of the global financial system,'' Mr Medcraft wrote in the letter, dated October 28.
    Read more: http://www.smh.com.au/business/asics-greg-medcraft-defends-his-overseas-role-with-the-iosco-20131124-2y3xf.html#ixzz2mPkybLZen
    Hmmm... After reading the global news - it appears to me it is more likely the illegal activities of the banks bringing global economies down!! Or it is implying - it is alright for the global banks to steal from you - but do not dare steal from them???

  • Denise
    Denise Wednesday, 04 December 2013

    5 elite ASIC staffers were given the task of compiling the "close to zero %" results for ASIC in their three submissions to Parliament. BFCSA has no such luxury in penning a response to their drivel. We have the power of one and history of evidence of ASIC neglect. Our people (fr RECA and BFCSA) have collectively been road-testing ASIC for past 14 years. Precisely why ASIC finds itself on notice at an Inquiry. An historical first in the Australian corporate cop's lifetime. What a monolith of uselessness they are. [email protected]

  • doyla66
    doyla66 Wednesday, 04 December 2013

    Smear Campaign?? don't think so!

    ROFLMAO ASIC!
    We've said it before and we'll say it again: ASIC did it - we just reported it :D:D:D
    No extra effort required: just write the truth and maybe a little opinion - we're entitled to express our view.
    This read by other decent hardworking Aussies who also have an opinion or two?
    Smear campaign? Serves ASIC right!
    Pull the other leg, ASIC, you sound like a lot of whingers gossiping over lunch about your new found victimhood!
    14 years to prove yourselves and what did we get? Close to zero results.
    Why would you want to broadcast your failures in your own defense?
    Regulatory lunatics at large, seeking sympathy!
    :D:D:D

  • doyla66
    doyla66 Wednesday, 04 December 2013

    Just running for cover it appears. Imagine giving out terrible percentages like that. I think Mr. Medcraft would be ashamed of his stats.
    This story just goes to show the incompetence within ASIC. ASIC's reputation in now further down the drain. !!! actually becoming a laughing stock. The Senators will see through the charade ASIC are playing. It really is a funny post when you sit back and read it a couple of times.

  • doyla66
    doyla66 Friday, 17 January 2014

    ASICs Stats Stink

    Mr Medcraft must be really silly to boast about stats like that without doing the sums... (well done Denise!!) What a joke! No wonder his "investigators" and "accountants" can't seem to wade through company records or banksters fraudulent entries... They can't count!!!!
    ASIC does it again...

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