When it comes to ASIC what's new? They should have a name change to Amateurs Sitting In Comfort, because they are anything but professional.
According to respected economist Mr.John Adams, his research reported that out of 10,000 ASIC complaints registered each year for the last 10 years only 1.27% have been investigated.
I invested my Super into an Australian Share Fund, with one of Australia's largest Investment Institutions with my portfolio to be managed by their highly acclaimed Professional Fund Managers. Over a 16 month period, the then share market ( ASX ) fell 23 points (0.5%). However my balance sustained a loss of over 20%, and yet on their official web site it shows that the unit price increased from 0.5537 to 0.5583, so how is such a result possible?
No financial expert on this planet can explain how such an inexplicable result is possible; it took over 3 months and many phone calls just to get ASIC to confirm they had received my application. ASIC's final response to me was that they see no need for an investigation, and regardless of what ever new evidence I can provide they will not respond to any more of my submissions. Sadly, I am just one of those 10,000 untold stories each year testifying to ASIC's failure to act as a responsible regulator.
Their cavalier dismissal of the concerns of an ordinary investor is a very troubling example of failure of public administration and regulation in Australia, particularly from a publicly - funded organisation with over 2,000 employees.
This latest debacle of how ASIC handled the Courtenay House issue, is just the beginning of many more future examples of ASIC's failures to regulate.