question re mfs posed to au treasurer in uk, page-4

Researcher she is a fellow PIF investor who attended the Treasurers conference at the London School of Economics. Another person taking every opportunity to voice her concern and disappointment at the lack of transparent assistance we have received to date from the regulatory bodies we depended on to monitor and pursue the very rules imposed by ASIC originally. Also interesting to note that the same poodles seem to have decided to withdraw from the court action from the Storm Financial debarcle and take refuge in their kennels until the dust settles. It appears the blame is being put back onto mum and dad investors who were 'greedy' and ignored risks at the promise of greater returns. I beg to differ in the case of MFS PIF which 'MFS siphoned close to $150 million from its $755 million Premium Income Fund and lent the money to seven parties without the knowledge of the fund's unit holders and in breach of its investment rules'. If the guidelines set out in the PIF Fund PDS are not adhered to, what are investors meant to do? My own opinion is that if the govt had of concentrated more on enforcing the regulations already in place and applied closer scrutiny to prevent fraud, theft and dishonesty, then perhaps the present outcome would have been much different and the need for the size of current stimulus packages would not have been necessary. Does the govt need to set up an additional independant regulatory body that oversees and regulates and has wide sweeping powers and the guts to implement them? Or will they tell us we already have them re ASIC? I think this is only the beginning and normally quiet mums and dads are realising that the times of complacency and trust have been abused and they are no longer prepared to be ignored. This is not wholly my own opinion but a reflection of views and discussions I have had with others who have been financially and emotionally affected not just from MFS/OCV but many other financial products as well. We need to continue to fight for recognition and have the regulatory guidelines that are already in place administered, not ignored.Seamisty