...of Wisdom from Submissions: ------------------------------------------------- Submission 189 ASIC has recently published its philosophy as to when it will intervene in cases. I welcome this initiative. Its successful intervention in relation to the settlement of the class action involving the collapse of Storm Financial Group is an example of how our regulators can influence the development of appropriate changes in the law. This example was in my view a sensible and speedy intervention has been applauded at a time when the community feels that not enough muscle has been exerted, nor enough actions taken, by regulators to ensure that consumers (investors in the case of ASIC, consumers and others in the case of the ACCC) are properly protected.
My comment: ASIC's philosophy is to ignore largest group of victims, PIF 10.300, in discriminatory preference of smaller groups, Storm, Westpoint, etc. -------------------------------------------------- Submission 193 The Financial Ombudsman Service (FOS) would like to thank the….
Although we deal with more than 26,000 disputes every year, we are acutely conscious that there is an individual story behind each and every one of the disputes that we accept. In many cases it is a story of not just financial loss but the consequent human toll of stress, anxiety and ill health which has flow on effects beyond the individuals to the community more generally. To deliver our dispute resolution services in a way people can trust, we seek to understand all sides of a dispute and resolve it fairly and impartially.
My comment: Shades of Dgenny at 2008 "pickme, pickme' meeting ------------------------------------------------------- Submission 181 - Attachment 1 Conversations on these subjects are all conducted as stupidly as possible. The stupider, the more to the point. The stupider, the clearer. Stupidity is brief and guileless, while reason hides and hedges. Reason is a scoundrel, stupidity is direct and honest. Dostoevsky, The Brothers Karamazov
My comment: Best I shut up here
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