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 Useless ASIC admits lack of action in CBA probe

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RR Phantom

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Useless ASIC admits lack of action in CBA probe Vide
PostSubject: Useless ASIC admits lack of action in CBA probe   Useless ASIC admits lack of action in CBA probe Icon_minitimeThu Apr 10, 2014 6:41 pm
The corporate regulator has conceded it knew the Commonwealth Bank had ''sanitised'' its client files during an investigation but failed to take any action.

Useless ASIC admits lack of action in CBA probe Art_w_medcraft_1104-620x349

In a tumultuous afternoon before the Senate inquiry into the performance of the Australian Securities and Investments Commission, ASIC chairman Greg Medcraft and his commissioners offered a ''mea culpa'' for failing to take prompt action to investigate fraud in the bank's wealth division, Commonwealth Financial Services.

Commissioner Peter Kell also admitted to losing a breach report from the bank. However, it was new evidence of client files being ''sanitised'' by the CBA which was of particular interest to the Senate.

ASIC suggested the bank had not been asked to reconstruct these ''sanitised'' files because it may have entailed too high a cost to the bank.

Read more: http://www.smh.com.au/business/asic-admits-lack-of-action-in-cba-probe-20140410-36g16.html#ixzz2yWfsr3d3
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