Now being retired, but having spent 50 years looking after the financial security of many hundreds of clients - typical, everyday Australians - I see the present, heavy-handed, neo-vindictive attitude of ASIC (at least, certain 'power wielders' in ASIC) as a real threat to the financial security and well-being of the majority of those everyday Australians whose interests it purports to protect.

ASIC's attitude and practices effectively jeopardise the delivery of much-needed services by firstly demonising those in daily contact with, and who look after the interests of, their clients, and secondly by the imposition of a compliance regime that holds process above the delivery of empathetic, creative and beneficial financial planning services.

This is not to say that ASIC does not have a necessary, indeed noble, purpose. But it's present policy of guilty until proven innocent, does nothing to uphold that noble purpose; in fact, quite the contrary.

The present debacle of ASIC's closure of Dover Financial, and in consequence - but far more importantly - the denial of access to the normal, everyday financial services provided by the 400 Dover advisers, must undoubtably compute to at least 20,000 (that's only an average of 50 clients per adviser, so the number could be far higher) Clients' being denied the assistance they would otherwise be receiving. And - in case not considered relevant by ASIC - it happens to be Financial Year-end!

One can only imagine the many offices of the (now rendered impotent) advisers, with their staff's not being able to assist their thousands of needy clients, and indeed now wondering about their own financial security.

Justified ASIC may be, in closing Dover. But to assume a guilty verdict on all 400 Advisers, thus denying the delivery of everyday services to their tens of thousands of clients, cannot be justified.

Imagine closing all the branches of a bank because someone at head office had done the wrong thing.

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