In the past, ASIC has not only been completely hopeless at protecting mum an dad investors from fraudulent activity by unscrupulous players, but their very presence coupled with doing nothing effectively endorsed such untoward behaviour. As both a consumer and a shareholder of a different company I have had a couple of entirely ineffective engagements with ASIC and I am financially worse off as a result. I can afford it, but that does not make their actions (or lack of them, to be more precise) acceptable. And now, they have decided to take action against IOOF on an issue that seems to be financially relatively minor and legally vague. So it seems they will waste IOOF and taxpayer money on an exercise of questionable merit and near zero benefit. *Sigh*
IFL Price at posting:
$5.19 Sentiment: None Disclosure: Held
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