ASIC penalties 'like being hit with a lettuce leaf': MurrayBY LAURA MILLAN | WEDNESDAY, 25 MAR 2015 12:25PMThe penalties applied by the Australian Securities and Investment Commissions (ASIC) are so weak that they are like being hit with a lettuce leaf, Financial System Inquiry chair David Murray said. Related News |
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The penalties can be 1000 times bigger as the corporates and institutions can afford it. The original ASC was the best but too many of the "mates" were done over - so they have gone back to the old days of being beaten by feathers and useless undertakings.
I agree with Murrays statement, "The penalty regime in ASIC is like being hit with a lettuce leaf, it's just not strong enough." However that's if they take any action at all, which in the majority of cases presented to them they don't take any action at all.
The cry for more funding is ludicrous as all matters should be self-funded by fines and penalties imposed. As far as the investigative work, leave that to the private sector who take up work on a success fee again funded from the fines and penalties imposed by ASIC.