ASIC is useless !

I can't believe how useless ASIC can be.

I lodged a complaint about a financial planner to ASIC earlier this year. I provided them with all the details as I was concerned this planner may be ill advising other clients also and wanted to prevent this.

When I phoned them today for an update they told me that they cannot provide any details on the matter, investigation, outcome, etc...

They said that if there was any outcome it would be revealed via a media release.

So then I asked ... so how do I know if there was any wrong doing or if the case was still open or closed to which they replied "Again, we do not disclose any matters."

Are they serious ?
 
I think it took about 3 years (??) to get around to our case of being scammed out of a property deposit. They did eventually get to it, and the guy got to see jail time.

Unfortunately it appears ASIC is underpowered and underesourced.

Cheers,

The Y-man
 
with most authorities, if the crime/scam/whatever isn't over $50k, they simply don't bother 'wasting' their time. I know this as i worked as an accountant for a large corporate company and when we got scamed, no authority really cared unless the amount seems to be over this magical 50k for some unknown reason!
 
Unfortunately it appears ASIC is underpowered and underesourced.

I second that. I have a pile of "we can't do anything letters" for every scam artist i've outted to them. I've given up and the ripping off of newbs continues unabated.

If you were a gifted finance graduate who knew the inner workings of the market why would go and work for ASIC on a fixed salary when you could run riot behind a trading desk and rort the system for mega bucks?
 
If you were a gifted finance graduate who knew the inner workings of the market why would go and work for ASIC on a fixed salary when you could run riot behind a trading desk and rort the system for mega bucks?

A fixed salary,
I have applied and was interviewed at ASIC, to investigate financial planners. Now it wasnt ASIC who advertised this position. The salary was ok for a graduate, yet very ordinary for someone with a few years under there belt, say 20-40 under what these people could earn outside, thats just on the jobs i looked at.
 
Can you provide more details? This is an interest to me as I work in the industry.
What sort of products did you get? What is your risk profile.
Did you consider FICS as opposed to Asic
 
I can't believe how useless ASIC can be.


When I phoned them today for an update they told me that they cannot provide any details on the matter, investigation, outcome, etc...

They said that if there was any outcome it would be revealed via a media release.

So then I asked ... so how do I know if there was any wrong doing or if the case was still open or closed to which they replied "Again, we do not disclose any matters."

Are they serious ?

You will probably find it is considered to be a breach of the Privacy Act to disclose the results - unless it becomes a matter of public record - I guess by court action or similar. I worked in an organisation where allegations were made from the public & when investigated (or not) we were not allowed to disclose the outcome - unless it went to court - apparently due to the Privacy Act.

Cheers
 
Can you provide more details? This is an interest to me as I work in the industry.
What sort of products did you get? What is your risk profile.
Did you consider FICS as opposed to Asic

Yes - have gone to FOS (ie Financial Ombudsmen) as FICS no longer exists. Trouble is that their claims are limited to $150K.
 
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