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BFCSA: Senator Sam Dastyari announces Bi Partisan Senate Inquiry into Bad Financial Advice and Bad Regulators. ASIC back under the spotlight!

Posted by on in ROYAL COMMISSION URGENT
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Thanks to all those who lobbied for this to happen.....well done.  Now for the SUBMISSIONS:

The Senator has announced another Senate Inquiry into Planners and ASIC and bad financial advice.  Start drafting your submissions!!!

That collective push has been responded to……………………… our collective 16th Inquiry will lead to a Royal Commission.

Remember that Senator Mark Bishop Chair of Inquiry into ASIC said “Royal Commission into Bank….namely CBA.” 

We want Senator Dastyari to hammer the Financial Advice to Consumers Inquiry to run amok with all those who invested funds on behalf of financial planners and then you will find the Bad Banking Sector at the top of the pile re DEVELOPER AND CONSTRUCTION LOANS, using promotions via the Planner and Broker Channels.  Why?  To prop up the DISTRESSED PROPERTY problems and make Mums and Dads, retirees and pensioners and low income families pump up the property market and TAKE ALL THE RISK!

There was also mass marketing and Mums and Dads Retirement money poured into AGRI SCAMS and many more talked into MARGIN LOANS

You were all utterly used and abused by those we call the CONTROL FRAUDS – the Banker Guys at the top pulling the Levers:

  • ·         Avoiding liability
  • ·         Spreading the RISK onto Mums and Dads
  • ·         Influencing Regulators to use  “disclosure nonsense” when even Medcraft admitted 2009 “Disclosure does not work “
  • ·         Training and army of Sellers with $1460 and 34 hr course to flog “advice”
  • ·         To set up Developers to build constructions – off the plan apartments – residential house and land duds.
  • ·         All risk negated to the players and,
  • ·         Massive bonuses to the CEO’s with no clawbacks………………………………..
  • ·         PROFITS BASED UPON LOOTING AND FRAUD.

 This was the model being used and what I have explained in evidence time and again.  The Senators were listening.  We are at last joining all the dots.

 ASIC KNEW what was going on.  I had over 30 meetings with commissioners and deputy chairs and enforcement directors of ASIC over a 16 year span, starting in 1998.   The truth is oozing out.  This will then lead back to David Murray and Finance System Independent “roots and branch”  Inquiry and for him to call for Royal Commission into the Banks, Regulators, Non Banks, Planners and Bad Advice Investment that ASIC has swept under the carpet for too long.

 ASIC was set up as a CARPET to sweep things underneath.   

PM and AM Radio and ABC News have ran story all weekend re ASIC MUST LOSE ROLE AS CONSUMER PROTECTOR – consumer advocate….

 Collectively, BFCSA Members ARE ALL MAKING A DIFFERENCE…………………………………..divided you were pedalling backwards.

Senator Dastyari received the nod from the Coalition and will focus on the neglect of the regulator.  I WATCHED THIS Senator in the Inquiry and he was impressive and the one to watch!  No mercy to the regulator………………………….

When the dates are set and the website I will announce the deadlines for submissions.  We managed 480 subs last time.  We can double that this time. The usual for any senate inquiry is around 120.  This is a massive step forward

BTW our change.org Petition is now around 840 and rising as more Group Leaders around the nation and overseas, agree to spread the word.

https://www.financialstandard.com.au/news/view/43410743

Bipartisan Senate inquiry to grill financial services again

Friday, 5 September 2014

by Laura Milan

Labor Senator Sam Dastyari has obtained the support from the Coalition to conduct a new Senate Economics Committee inquiry to scrutinise the financial services industry.

The inquiry will continue the task of last year's Senate Economics Committee inquiry into the performance of the Australian Securities and Investments Commission (ASIC).

The new Senate investigation will continue to look at the regulator's performance and will also examine the large financial institutions and the advice they provide.

Dastyari's inquiry will keep a close eye at the government's response to the 61 recommendations made by the previous Senate inquiry.

Given the large number of inquiries that the Senate Economics Committee will be conducting in the next months, the committee is not expecting to report to the Senate until the first sitting day of July 2015.

According to the terms of reference, the inquiry will specifically look at the current level of protections for financial advice consumers in the context of the government's changes to the Future of Financial Advice (FoFA) legislation.

It will examine the role and the oversight by regulatory agencies in preventing the provision of unethical and misleading financial advice, following the previous inquiry's recommendations.

It will inquire about the existing processes to compensate victims of unethical or misleading financial advice.

The inquiry will analyse mechanisms that would ensure that financial planners found to have breached any law or professional standards in their employment are transparent, for both the sector and consumers.

 

Financial services providers and companies' response to misconduct in the industry will also be scrutinised, as well as regulatory or legislative reforms that could prevent misconduct

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Comments

  • Aries
    Aries Sunday, 07 September 2014

    At least this is on going.........BANKSTERS BEWARE WE ARE COMING AFTER YOU.

    Reply Cancel
  • Jetfighter
    Jetfighter Tuesday, 09 September 2014

    We will have our day.

  • Magie
    Magie Monday, 15 September 2014

    Aries says" Banksters beware we are coming after you." I love your comment, we are growing by the day and some time soon someone will listen to our stories and say hang on too many people saying the same or similar stories. Something is not right and lets get this royal commission happening. We can live in hope.

  • Magie
    Magie Monday, 15 September 2014

    Aries says" Banksters beware we are coming after you." I love your comment, we are growing by the day and some time soon someone will listen to our stories and say hang on too many people saying the same or similar stories. Something is not right and lets get this royal commission happening. We can live in hope.

  • Magie
    Magie Monday, 15 September 2014

    Aries says" Banksters beware we are coming after you." I love your comment, we are growing by the day and some time soon someone will listen to our stories and say hang on too many people saying the same or similar stories. Something is not right and lets get this royal commission happening. We can live in hope.

  • Magie
    Magie Monday, 15 September 2014

    Aries says" Banksters beware we are coming after you." I love your comment, we are growing by the day and some time soon someone will listen to our stories and say hang on too many people saying the same or similar stories. Something is not right and lets get this royal commission happening. We can live in hope.

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