All the dirty laundry getting aired MaxA lawyer who worked for...

All the dirty laundry getting aired Max

A lawyer who worked for the Australian Securities & Investments Commission has told the Senate how he was under pressure to amend laws in favour of the giants of the financial services industry, laws which were against the interests of investors and consumers.

In explosive evidence before the Senate Inquiry into the Performance of ASIC, the lawyer James Wheeldon described the corporate regulator as tainted by corruption. He left in disgust in 2005 after his advice on fee disclosure was abandoned and he was asked to work under the instruction of a lawyer on secondment from the National Australia Bank's wealth management operation, MLC.

Mr Wheeldon said the MLC lawyer Grant Jones was lobbying within ASIC to grant a special exemption (or class order) which would benefit MLC and appease industry lobbyists from the Financial Services Council. Mr Jones even helped draft the regulator's response to an application for the exemption.

The evidence from Mr Wheeldon contradicts statements given by ASIC chairman Greg Medcraft before the inquiry on March 28.


Read more: http://www.smh.com.au/business/watchdog-favoured-big-business-says-former-asic-lawyer-20140402-35xt9.html#ixzz2xhLAYOZt