Whining OZschwitz Regulator: Don't blame us for corporate failures: ASIC chief

WHERE was ASIC? It's been a recurring cry following a series of spectacular failures that have followed last year's market crisis: financial planners Storm Financial; managed investment scheme spruikers Timbercorp and Great Southern; a long list of debenture issuers and impenetrable corporate conglomerates like Babcock & Brown and Allco Finance Group. By the Australian Securities and Investments Commission's own reckoning, some $73 billion in investor funds was wiped out in these and other debacles - more than 6 per cent of last year's gross domestic product.

The chairman of ASIC, Tony D'Aloisio, says he will cop the criticism. But he says ASIC should not be blamed for the fundamental policy settings underpinning its powers. As the one-year anniversary of last year's market crisis looms, D'Aloisio is calling for a debate about the basic philosophy behind Australia's financial services regulation, especially around investments like managed investment schemes, mortgage trusts and unlisted property trusts which, unlike banks, credit unions and building societies, are not governed by prudential requirements.

LNK

Whining OZschwitz Regulator: Don't blame us for corporate failures: ASIC chief

Whining OZschwitz Regulator: Don't blame us for corporate failures: ASIC chief

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