ASIC Oversight and Actions

Stop the press.

ASIC actually does something worthwhile.

More like they awoke from a long and sound slumber considering the dates of his falsifications… but better late than never.

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ASIC is as much of an empty bag with spin than even the ACCC as often as not.

In the April 2022 Choice magazine page 8 it is reported Aware Financial Services was fined $20 million for charging customers fees for advice never delivered for their super accounts, and almost as a postscript stated Aware [only] netted a collective $50 million in fees.

The fine will surely get their attention? Seems like good business to do the wrong thing even if caught out.

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I have not gone back to see if there is a correlation with ASIC raising its head and a federal election, but they are going after two ‘rental’ companies they claim have skirted the laws.

of interest, this is reassuring government has its eyes on the amounts charged … exceeded the 48 per cent annual cost rate cap that applies to credit contracts under the Credit Act.

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An ASIC action.

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ASIC not in action!
And failures of many others beyond ASIC.

Ministerial responsibility yet to be accounted for?
It gets worse.

Time and again, a litany of potential law-breaking has been identified by those brought in to clean up the mess left by busted Dyldam companies.
Yet, for years the corporate regulator, the Australian Securities and Investments Commission (ASIC), took no action.

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