Just ask most PIF investors, we knew that!!!ASIC, "twin peaks"...

Just ask most PIF investors, we knew that!!!

ASIC, "twin peaks" model faces review
Monday, 23 September 2013 11:05am
by Laura Millan | In Regulatory
Nationals Senator John Williams called for a Senate inquiry into the regulator, which received bipartisan support. At the same time, Treasurer Joe Hockey is expected to undertake a broad review of the financial services industry, which is likely to review ASIC's role as well.

"The inquiry was brought up through frustration, because it took 16 months for ASIC to act on CBA's Don Nguyen and more than three years to act on Ricky Gillespie," Williams said.

"We need to ask if they have sufficient powers and if they are resourced enough."

Economist and former Liberal Party leader John Hewson welcomed the incoming government's commitment to reform ASIC. He added that the regulator has been "out of control, unprofessional and with very poor performance in just about every area."
http://www.financialstandard.com.au/news/view/34873252