News flash: Liberal Senator Andrew Bragg has given notice of a motion for a major inquiry into ASIC, which will be voted on tomorrow (Thursday). Labor currently opposes the inquiry, and the Greens haven’t taken a position yet.
Urgent: Call – today – the ALP and Greens Senators on the Economics References Committee to tell them they must support an inquiry. See their contact details below.
Whatever Senator Bragg’s motives, a major inquiry into ASIC is VERY important, as this will be the first specific, detailed, inquiry into ASIC since the 2018 Banking Royal Commission laid bare its many failures. And the Adams Report into ASIC’s very low rate of investigations – just 0.74% of all complaints – shows that it’s performance hasn’t improved.
An example of ASIC’s failure is Sterling First, which has left the lives of the elderly tenants ruined.
Below is the text of Senator Bragg’s motion:
Chair of the Economics References Committee (Senator Bragg):
That the following matter be referred to the Economics References Committee for inquiry and report by the last sitting day in June 2024: (This will be a long, detailed inquiry.)
The capacity and capability of the Australian Securities and Investments Commission to undertake proportionate investigation and enforcement action arising from reports of alleged misconduct, with particular reference to:
(a) the potential for dispute resolution and compensation schemes to distort efficient market outcomes and regulatory action;
(b) the balance in policy settings that deliver an efficient market but also effectively deter poor behaviour;
(c) whether ASIC is meeting the expectations of government, business and the community with respect to regulatory action and enforcement;
(d) the range and use of various regulatory tools and their effectiveness in contributing to good market outcomes;
(e) the offences from which penalties can be considered and the nature of liability in these offences;
(f) the resourcing allocated to ensure investigations and enforcement action progresses in a timely manner;
(g) opportunities to reduce duplicative regulation; and
(h) any other related matters.
The Senators to call are:
Senator Nick McKim Greens:
02 6277 3601 email@example.com
Senator David Shoebridge Greens:
02 6277 3169 firstname.lastname@example.org
Senator Jess Walsh ALP:
02 6277 3744 email@example.com
Senator Jana Stewart ALP:
02 6277 3004 firstname.lastname@example.org
Many years ago I went for a job with ASIC, I was told in an offhand comment by the interviewer then that it was a toothless tiger. The fact is… everyone is beholden to the banks.
“GIVE me control of a nation's money supply, and I care not who makes its laws.” Mayer Amschel Rothschild.
Also, is it just my screen or does Robbie have freakishly large hands🤔
Commissioner Hayne handing over those report volumes for Josh Frydenberg to act upon: https://youtu.be/81_Kgi7E3Ks
By just holding them in the air, you have done far more than any government ever will.
I’ve emailed all 4 senators to ask for their support for Senator Andrew Bragg’s motion to be delivered tomorrow (27 Oct 2022).
Let’s hope we get the enquiry into ASIC (as a 1st step) 🤞🏻
Thank you guys
Sorry but anything the LNP are supporting is almost certainly bad. The last decade of their corruption should be proof evident.
ASIC has a terrible history and it needs to have a major Parliamentary Enquiry. It is impotent as a regulator and needs to be overhauled for its failures, particularly since it’s failure highlighted by the Banking Royal Commision. Great job John, Martin and Robert.
Freemason De-Molay …… Part of the big club. Which Masons will get the job and the fat paycheck
Waste of time enquiry? Definitely. Anybody gonna get punished or prosecuted? Nope… What are Australians gonna get from this enquiry? Huge thick overpriced report that nobody cares and rotten under funded public services
Just called up Pat Conroys office! He's the federal member for Shortland (Newcastle) 👌
Hope the yankees from Washington DC would not meddle with our internal affairs.
If all goes well, let’s get some bankers in ASIC behind the bars and seize their assets.
So are you guys pushing for a bigger government and more compliance? Like a bit more socialism eh? lol…Clearly ASIC doesn't have enough staff to investigate every case. I've applied for a new passport in May and it still hasn't come. This is about labour shortage and it's best not to push for a bigger government. you are better off doing more videos on financial crime and expose criminals than pushing the government to handle everything
Susan Lamb for Longman was keen to at the time of the Royal Commission to help victims. How Labour's attitude has changed now they are back in.
Like honest politicians, the longer they wait, the less victims will come forward 🤨.
ASIC seems to have decided to sue a digital coin business – probably a bit player in the grand scheme of things needing to be reviewed.
Remember when people looked up to government and would give there life in some foreign war.how times have changed.
Do Labor & the Greens have something more comprehensive in mind? I don't understand why they would be cool on a review with such damning ASIC sourced evidence.
Only a year and a half for the government to investigate, what the Adams report has already shown.
Have sent messages to all coalition senators in qld to support Andrew Bragg with a link to this video
Emailed all QLD Greens senators.
Who would vote for asic to get harder. And fix crime in politics. 🤦 greens Labor liberal are birds of the same 🪶
Hope it helps tho.
Fixing ASIC won't fix broken Westminster clownshow or it's corporate fascism