The Government could stop funding ASIC and get a better regulated financial system. That may save them some money and get a better financial system at the end of the Wuhan Virus Crisis IMHO see below. The Corporations Act is stupid and should be treated like the Australian Constitution if that is the ASIC interpretation. Why does ASIC never do its job properly? Real estate agencies are trying to stop tenants taking advantage of the situation and Roger Shipton MP's son running ASIC does this below. Throws the whole financial system into disrepute when the regulator is so incompetent in real regulation and gets it wrong all the time IMHO.
ASIC will act against real estate agents asking tenants to dip into superThe Australan Securities and Investments Commission has written a letter to real estate institutes in each state warning it will act against real estate agents who advise tenants to apply for early release of their superannuation if they are struggling to pay rent.
Shadow assistant treasurer Stephen Jones wrote to ASIC this week raising concerns about "unqualified financial advice" being given by real estate agents to tenants who are struggling to pay,The Sydney Morning HeraldandThe Age'sJennifer Dukereported yesterday.
In the commission's letter, published on their website this morning this morning, ASIC said they were concerned the behaviour constituted unlicensed financial advice or may not be in the best interest of individuals in contravention of the Corporations Act.
