Following on the amazing news from last week that John Adams and In the Interests of the People, didn’t just get one inquiry into ASIC, but two – we have new news!
One inquiry will be held by the Senate Economics References Committee – this inquiry was established by a 43-20 vote of the Australian Senate.
Yesterday, 2 November 2022, the Senate Economics References Committee officially called for public submissions. The deadline submissions are 3 February 2023 – which is 3 months from now.
For all those people across Australia who have had significantly difficult experiences with ASIC, this is your opportunity to share your stories with the inquiry.
News flash: Liberal Senator Andrew Bragg has given notice of a motion for a major inquiry into ASIC, which will be voted on tomorrow (Thursday). Labor currently opposes the inquiry, and the Greens haven’t taken a position yet.
Urgent: Call – today – the ALP and Greens Senators on the Economics References Committee to tell them they must support an inquiry. See their contact details below.
Whatever Senator Bragg’s motives, a major inquiry into ASIC is VERY important, as this will be the first specific, detailed, inquiry into ASIC since the 2018 Banking Royal Commission laid bare its many failures. And the Adams Report into ASIC’s very low rate of investigations – just 0.74% of all complaints – shows that it’s performance hasn’t improved.
An example of ASIC’s failure is Sterling First, which has left the lives of the elderly tenants ruined.
Below is the text of Senator Bragg’s motion:
Chair of the Economics References Committee (Senator Bragg): To move—
That the following matter be referred to the Economics References Committee for inquiry and report by the last sitting day in June 2024: (This will be a long, detailed inquiry.)
The capacity and capability of the Australian Securities and Investments Commission to undertake proportionate investigation and enforcement action arising from reports of alleged misconduct, with particular reference to: (a) the potential for dispute resolution and compensation schemes to distort efficient market outcomes and regulatory action; (b) the balance in policy settings that deliver an efficient market but also effectively deter poor behaviour; (c) whether ASIC is meeting the expectations of government, business and the community with respect to regulatory action and enforcement; (d) the range and use of various regulatory tools and their effectiveness in contributing to good market outcomes; (e) the offences from which penalties can be considered and the nature of liability in these offences; (f) the resourcing allocated to ensure investigations and enforcement action progresses in a timely manner; (g) opportunities to reduce duplicative regulation; and (h) any other related matters.
The Senators to call are:
Senator Nick McKim Greens: 02 6277 3601 senator.mckim@aph.gov.au
Senator David Shoebridge Greens: 02 6277 3169 senator.shoebridge@aph.gov.au
Senator Jess Walsh ALP: 02 6277 3744 senator.walsh@aph.gov.au
Senator Jana Stewart ALP: 02 6277 3004 senator.stewart@aph.gov.au
In the past week, Adams has published a new 25-page supplementary report examining ASIC’s FY 21-22 performance. Yesterday, this was sent to over 30 federal parliamentarians for their review.
ASIC’s FY 21-22 performance data is the worse in 11 years. The new supplementary report demonstrates the importance of why a stand-alone parliamentary inquiry is required.
There are major problems at ASIC and stakeholders across the country need to have their voices heard be being able to put their case forward to Parliament. The normal oversight hearings only allow ASIC to provide a one-sided distorted picture.
Adams will be going to Federal Parliament tomorrow to do the rounds and find what the sentiment is. It is imperative that the audience and the community at large become aware of what is happening with Australia’s police force and ensure that Parliament is aware of your stories.
We need to give Federal Parliament a push in order to get an inquiry up and going.
Go to the Walk The World Universe at https://walktheworld.com.au/
Adams burned the midnight oil last weekend finalising the report. On Monday, Adams sent the embargoed copy of the report to 20 mainstream media organisations with the original source documents and an excel spreadsheet with all of the calculations utilised in the ADAMS REPORT.
Adams wanted to give the mainstream media 3 full days in which they could read the Adams report and verify the data, the calculations, the analysis and the claims. In much of what IOTP does relative to the mainstream media, we do the heavy lifting and back-up of analysis with original scholarship and insight.
In the past 24 hours, Adams has sent his report and official letters to over 30 Federal Parliamentarians including all the members of the Parliamentary Joint Committee on Corporations and Financial Services as well as Senate Economics References Committee.
Go to the Walk The World Universe at https://walktheworld.com.au/
Today is the second IOTP installment in our series of financial crime. In our last episode, Adams and North painted the scene that financial crime inflicts significant financial and human costs on the victims.
We documented recent stories from both the UK and Australia as shown by BBC’s Panorama and the ABC’s Four Corners. We also show from both programs and from another clip that financial regulators such as the SEC, the FCA and ASIC have failed at their jobs to put a stop to financial crime and in particular intervene in the early pre-collapse stages.
Today we are going to be spending more time on the performance of ASIC in responding to reports of alleged misconduct.
If anyone would like to obtain a copy of the ASIC performance data or source documentation discussed in this episode, you can email John Adams at john@adamseconomics.com who can provide you with assistance.
Go to the Walk The World Universe at https://walktheworld.com.au/
The next part of the John Adams quest in which we discuss how people are being ripped off by spurious investment schemes, and how the regulators are consistently asleep at the wheel. This is a problem not just here but in other western economies too. Investors beware!
Go to the Walk The World Universe at https://walktheworld.com.au/
ASIC has published some important information about Social Media Influencers and how they often abuse the law, to trick people into buying financial products. We look at the case studies they posit, and also cal out the elephant in the room.
Go to the Walk The World Universe at https://walktheworld.com.au/
ASIC is taking ANZ to court in the last of the post Royal Commission actions and APRA reported on the latest bank financial data as new high debt to income ratio loans continue to climb.
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At least 200,000 Australians have lost money thanks to inadequate regulation by APRA, worth at least $40 billion dollars. I am joined by Robbie Barwick from the CItizens Party as we explore this unfortunate but engineered situation, which has enabled the Government to look away, and ASIC claim it is not their problem , when it is clearly is.
As a result, it is likely more people will experience further losses, not because of adverse market movements, but because of poor or non-existent regulation. This has to change, and the current inquiry is a mechanism to achieve this….
