Ann: SP1 delisted from ASX, page-312

you just don’t get it, but that’s ok

yes, my comments do include Australia’s big 4 banks. all of the things you mentioned, none of them were done deliberately or knowingly. criminal enterprises will always look for ways to move dirty money through legitimate financial institutions. the fact that it happened, and the banks from time to time cop an infraction for their systems and responses, does not mean that they were complicit. you have no appreciation for the size of the companies, nor the timeframes in which it simply takes for changes to be made (and, I also hope you’re not suggesting that every dollar and cent that has ever flowed through ISX is squeaky clean?)

it’s the same on the misleading conduct (there’s no such thing as false advertising) - no bank goes out to deliberately fool clients or potential clients. They come up with a new product along with the marketing strategy and materials. If it’s later found that something wasn’t emphasised enough or a charge wasn’t spelled out clearly then they get pinged on it. Most of those infractions are playing around the edges of what’s ok and not, not blatant

the charging deceased people is again unfortunate but no bank goes out to deliberately do it. If they need to improve practices to facilitate products being closed etc then they will take those learnings and then implement. But remember, the starting position here is that banks don’t have a way of automatically knowing if a customer is no longer alive. There are processes to follow when they’re notified.

The main thing about the banks reactions to all of the above - is that they cooperate with audits/investigations, put their hands up and admit wrongdoings if any are found, disclose the outcomes etc, learn from the matter and seek to implement improvements (again, given the size of the organisations the changes can take a frustrating length of time to implement)..
ISX in all of its past dealings appears to do none of those things. there’s plenty of evidence of it ignoring audits/audits, deflecting/distracting in response to its own issues and it’s disclosure track record is there for all to see..

the allegations against ISX, if upheld in the ASIC matter, mean that the actions taken were deliberate - that’s the big difference between the behaviour alleged here and the constant distractions shouted from the rooftops by supporters..
if you want examples that are closer to being on point to what is alleged here then look at Firepower International and other cases in that line of conduct