A mighty deception

My, my, how crafty can the mighty get in masking their complicity in investor demise
by now masquerading as the champion of the misled!
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Regulator laments poor quality of advice

Date December 10, 2014 John Collett
Greg Medcraft, the boss of the Australian Securities and Investments Commission,
was candid when he spoke at the National Press Club last week.

About a third of his speech was about financial advice and the need for
a national exam for planners where ethics should be the core component.
He said planners needed to win the confidence and trust of consumers.
After his speech, he was asked about financial advice and there was this:
"Australian's want advice they can trust, it's absolutely appalling."
His emotion was palpable when he said: "It has absolutely broken my heart to watch
…what financial advisers have actually done to people and what they often continue to do to people

." Read more: http://www.smh.com.au/money/super-a...-of-advice-20141205-120yc5.html#ixzz3LYyldgtk
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Where were you Greg, when I was running between your and your directors' offices
to get your attention to exactly the issues you now patronise with faux dedication?

Where were your powers when I besieged you in writing and in person via your directors
to take regulatory measures against Wellington Capital by ordering a freeze on PIF asset sales?

Where were your laments when you were snowed under with PIF information deluge about
“rent-a-crowd” farce with Wellington Capital back in 2011; which may well have sealed our fate
there and then?

Need I go on Greg?

How about a sincere apology to those victims you now identify as still vulnerable.
In the end, do remember that ASIC is an ENFORCER and not just a registrant of business names.

And while Parliamentary Inquiry into your performance concentrated mainly on Financial Advisers,
singling out CFPL, the collateral-damage-victims of “ASIC allowed itself to be lulled into complacency”
(Senate Economics References Committee 26 June 2014 MEDIA RELEASE)
stuck, and stuck deep.

Anything to say?

Regards,