ASIC was a specific target by social media commentators during the first round of hearings for the Royal Commission into Australia's biggest providers of financial advice.
Commentators on Twitter were broadly critical of ASIC's attempts to police and regulate financial advice; the general sentiment was that Australia's financial services regulatory system might be just as culpable for the advice failings the Royal Commission exposed today.
Former CBA financial planner-turned-whistleblower Jeff Morris argued ASIC was incapable of reforming the advice industry.
LF Economics founder Lindsay David said the Royal Commission should extend its reach to investigating ASIC.
Senator for Tasmania Carol Brown called out the advisers who charged clients up to $2000 in fees for no service.
Likewise, Consumer Action Law Centre senior policy officer Susan Quinn noted how many SMSFs have received poor advice.
Zuper chief executive Jessica Ellerm noted there "aren't any excuses here," and that the entire system has supported what has been exposed by the Commission.