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 OZschwitz: Worthless ASIC 'can't protect public'

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RR Phantom

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OZschwitz: Worthless ASIC 'can't protect public' Vide
PostSubject: OZschwitz: Worthless ASIC 'can't protect public'    OZschwitz: Worthless ASIC 'can't protect public' Icon_minitimeWed Sep 15, 2010 5:08 am
THE Australian Securities and Investments Commission should be stripped of its powers to regulate corporate insolvency, a Senate committee says, after finding the watchdog is struggling to protect the public from rogue operators.

After a 10-month inquiry, the economics reference committee said yesterday ASIC was ''overburdened'' with other tasks to properly deal with complaints of misconduct by corporate undertakers.

ASIC had enough funding, the committee said, but was too thinly spread after placing insolvency relatively low on its list of responsibilities.

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