If you think ASIC has been ineffectual here, Google TRIO/Astarra and see hoe ASIC gave a financial license to a guy named Shaun Richard from Canada, who never held any qualifications. He siphoned off $100 million dollars overseas and spent something like 3 years in jail.
They allowed him to continue to do this even after people in the industry warned ASIC of what was happening. A very similar situation to Bernie Madoff (spelling?) when the US regulatory was warned over and over again but did nothing.
While the advisers and the CBA should be looked at in this situation, who takes the rap in ASIC? No-one i guess.
