Actually phillip-k, my complaint about ASIC is they are so...

Actually phillip-k, my complaint about ASIC is they are so determined to promote themselves they make the market even more dangerous. ASIC is worse than useless. ASIC makes it easier for unscrupulous operators to prey on citizens who are busily dedicated to improving the lives of Australians by raising the standards of things like medicine, IT and engineering rather than all spending resources on studying finance. It's called the division of labour. And it's good. Such people are actually really good at looking after their own money. Which is why unscrupulous operators need to go to great lengths to try to make them part with it. Like paying actors to attend an EGM or releasing a share register to a group who goes to great lengths to anonymously mail out incorrect information about opponents to the RE.

Take ASIC's current AFS Licensing page: http://asic.gov.au/asic/ASIC.NSF/byHeadline/Licensing

It states: "ASIC assesses applications for AFS licences as part of our role as regulator of the financial services industry. When we assess a licence application we consider whether the applicant ... is competent to carry on the kind of financial services business specified in the application;"

This statement is false and misleading. ASIC only assesses licencees on HYPOTHETICAL clients. It makes no assessment on licencees competency on ACTUAL clients.

Integrity, honesty, trust, ethics, intent etc are the kind of things that are a key competency. And ASIC DOES NOT assess all its AFS Licencees' on any of these. Hence this statement by ASIC is false and misleading. Because they haven't assessed ALL the competencies required to: "carry on the kind of financial services business specified in the application". Have they now?