will asic survive the burden...

... of consumer expectations?

"Australia's corporate watchdog could see its powers over financial planners and liquidators beefed up after a Senate inquiry into its performance raised concerns about its competency, effectiveness and slowness to act.

Senator John Williams, who was instrumental in calling the inquiry, said he would be pursuing extra powers for ASIC to place a stop order on planners and liquidators. This means when ASIC receives evidence of wrongdoing in either industry it can call the planner or liquidator and suspend their operations immediately. An appeal can then be lodged with the Administrative Appeals Tribunal.

The new powers are designed to protect customers. It follows a string of cases where ASIC was too slow to act. In one case, revealed by Fairfax Media, former Commonwealth Bank financial planner Ricky Gillespie was reported to ASIC in June 2009 and again in August 2010 by the bank for alleged misconduct. It took ASIC 3½ years before Gillespie was banned for life for forgery. During the period between ASIC being informed and banning Gillespie, he was able to work as a financial adviser for two other firms without his clients knowing he was being investigated."
---------
Read more: http://www.smh.com.au/business/fofa-the-political-backdrop-as-asic-probe-takes-centre-stage-20140328-35oj2.html#ixzz2xIbxgPBN