ASIC CORRUPTED by Australian Major Banks and Big Business from inception.
ASIC was in fact CORRUPTED by Banks and Big Business from inception. I have, over 19 Years, seen thousands of these ASIC "Buzz Off letters." Each person is told (wte) "we do not handle consumer complaints, no public interest to do so, go and get a lawyer." ASIC know that consumers who have been fleeced are left with NO funds to seek even one hour with a lawyer. ASIC's culture led this monolith of uselessness to only look down at consumers as if low-life's and nuisances.
Former ASIC lawyer James Wheeldon gave evidence to Parliament 2 April 2014, as to being told to rule in favour of Insurance giants in 2005 amid threats to the Commissioner from industry: not in the Public interest and not in consumer interests re CALCULATORS. Wheeldon told them NO I cannot agree as that would be detrimental to consumers. ASIC insisted. The lawyers walked out of the ASIC building and never went back!!! That takes courage.
Months later in 2005 ASIC ruled precisely the same way and signed off by the same Brendan Byrne in December 2005 re service calculators for BIG BANKS. Look up ASIC CO 1122/05.
Hanratty warned in 1997 the new regulator (now as ASIC) would have a very real CONFLICT OF INTEREST in choosing what is best for BIG Business and what is best for consumers. Their work has consistently ruled in favor off anyone but aggrieved consumers. Greasing of Palms comes to mind. The Inquiry into ASIC Feb - Apr 2014 has shown why ASIC and APRA must be part of the Royal Commission into Banks, toxic Products and Financial Advice.
Time for us all to fight back particularly all the people in Australia who received an infamous ASIC BUZZ OFF letter. ASIC has become head of the White Collar Crime Brigade.
http://www.smh.com.au/business/revealing-look-at-asics-practices-20140402-35z1s.html