In the dark, out of the loop and an execrable diet

Outsider Jane Hume Josh Frydenberg James Shipton ASIC

30 October 2020
| By Outsider |
image
image
expand image

Outsider knows what it’s like to be treated like a mushroom. He is not unfamiliar with being kept in the dark and being fed execrable information.

And thus your humble correspondent feels some sympathy for the Assistant Minister for Superannuation, Financial Services and Financial Technology, Senator Jane Hume, who was forced to admit to a Senate Estimates hearing that she was among the last to know about the six-figure expenses issue surrounding Australian Securities and Investments Commission chair, James Shipton.

Hume, somewhat embarrassed, admitted that she had only formally learned of the problems surrounding Shipton on the same Friday the ASIC chair announced he would be standing aside, albeit she stated: “I don’t think it is a problem that I was not brought into the loop on this”.

Outsider was pleased to note that Hume later told the committee that, in fact, she may have been less in the dark than it seemed because during a personal telephone call with Shipton on the Thursday he had offered a glimmer by alluding to some issues which might arise around ASIC’s financial statements without actually going into the details.

It seems to be the fate of junior ministers that they must live in the shade of their senior ministers, with Treasurer, Josh Frydenberg, casting so much shade that Hume was left in dark.

Read more about:

AUTHOR

 

Recommended for you

 

MARKET INSIGHTS

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

baffled

I don't have any faith in the regulator. I've stopped reading these and just think some poor guy got busted for a spell...

9 hours 47 minutes ago
Chris Cornish

By having trustees supervise client directed payments from their pension funds, Stephen Jones and the federal Labor gove...

3 days 15 hours ago
Chris Cornish

Now we now the size of Stephen Jones' CSOLR tax, I doubt anyone will be employer any new financial adviser from this poi...

3 days 15 hours ago

AustralianSuper and Australian Retirement Trust have posted the financial results for the 2022–23 financial year for their combined 5.3 million members....

10 months 2 weeks ago

A $34 billion fund has come out on top with a 13.3 per cent return in the last 12 months, beating out mega funds like Australian Retirement Trust and Aware Super. ...

10 months ago

The verdict in the class action case against AMP Financial Planning has been delivered in the Federal Court by Justice Moshinsky....

10 months 2 weeks ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND