Financial Standard Comments - ASIC chair defends against media 'smear'

Comment by Sue Allen (Radford Allen Financial Services Pty Ltd)

Sue Allen (Radford Allen Financial Services Pty Ltd) — Tue, 03 Dec 2013 13:20:23 +1100

Welcome to the real world of financial planning/advice. We've been smeared for years by the media, Govt, Industry Super Funds, ASIC itself. With no real means of redress. Its a wonder there are any of us left to give Australians the good financial advice so many supposedly so desperately need. Not desperately enough to want to pay real money for it though. Because, as everyone now knows, thanks to the media, Govt, Industry Super Funds etc etc, we're not in it to provide good advice, just to make our own fortunes. Not.

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Comment by Ross Cardillo (Ross Cardillo Financial Services Pty Ltd)

Ross Cardillo (Ross Cardillo Financial Services Pty Ltd) — Tue, 03 Dec 2013 14:55:03 +1100

As a financial adviser I have first hand experience of ASIC s incompetence.

Medcraft can quote statistics all day the reality is ASIC is a reactive organisation that cannot provide any consumer protection, I too can quote statistics all day - showing ASIC s inability to produce any positive outcomes.

It is my opinion that ASIC, should be shut down and all employees held accountable for the incompetence.

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Comment by Andy Welsch (Itsna)

Andy Welsch (Itsna) — Wed, 04 Dec 2013 10:35:31 +1100

But even ASIC staff have provided submissions on the performance of ASIC. See numbers 106 and 345.

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