The Australian Securities and Investment Commission ("ASIC")  is under fire in a major way.  The gates are open for everyone to send in a submission and a second one if you so choose.  ASIC had three tasks: the regulation of financial products and service - banks were the engineers , consumer protection a priority and, consumer confidence in the market place - the world of Banking.

End users of ASIC's services, for over a decade, have slam dunked ASIC's ability to master the art of consumer protection and consumer confidence.  The submissions show the regulator has failed on all levels.  The bleating of apologist Greg Medcraft as Chairman of this debacle are pointless at this late stage.  He had a chance to get tough and acted as a limp lettuce, pursuing instead, his own career ambitions as head of IOSCO.   His lordship spends his days on junkets around the world doing very little if anything, for consumers in Australia.  

IOSCO has not held any benefits for Australian Consumers or they would not be under threat right now of loss of home and financial well-being.  We note that Mr Medcraft does not suffer from the same ailments as the constituents he has sworn to protect.

Queen Victoria may well have said: "off with his head."  But we are civilized society now and suggest he merely enjoy another junket and gather his thoughts together.  

When I asked to have a private meeting with me to explain the major issues,  he rejected the notion as if a little beneath him.  Oh well.  He quietly suggested I cannot wander into a Police Station and ask to speak with the Chief..........  Oh dear: you see Greg have done just that, over the past 20 years and received no such pompous notion.  We are the PEAK CONSUMER GRASS ROOTS BODY in Banking and Finance.  We may be small in numbers but that does not diminish our message in any way.  I have met with many Heads of Fraud Squads in several States in Australia and including New Zealand and have been given the courtesy of a hearing and action being taken.

Generally these officers of the people have a reason to follow and listen to what we may have to offer by way of intelligence.  ASIC suggested in 2003, we were an "excellent source of intell."  Just because we are exposing bank scandals on a grand scale is no reason to shoot the messenger.

For the first time in our history ASIC has been ordered to attend the Inquiry to answer questions and this time (as against Estimates hearings and questioning) we do not want to hear......................."can I take that question on notice!"  You are paid close to a  million dollars a year Mr Medcraft, to be fully briefed and KNOW the answers..........................One Million Dollars is more than most people ever see in a  lifetime. To receive that figure every year is obscene.  For Bankers to receive 4x that figure is criminal incentive to rob everyone in their path.  

Its time for us all to be able to speak TRUTH TO GOVERNMENT about the shocking crimes going on the the finance and banking sector.  Its time for all of those out there who are aggrieved to band together and fight back and its time for ASIC to wake up from its 14 years slumber party.  The tide is turning and there are angry storms ahead.

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