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On ASIC's website it lists the organisations who are members of the Consumer Advisory Panel (CAP).
Interestingly, it states "the members include both representatives from consumer and investor organisations and individual members "....however, it doesn't list those individuals.
It then states the current members of CAP for 2014 to 2016 !!! (a little out of date you would think)
Out of this list, CHOICE, Consumer Action Law Centre Vic and the Consumers Federation Australia are noted.
3 Directors of the current FASEA Board have been a former CEO of the Consumer Action Law Centre, former Chair of the Consumers Federation Australia and a Co-CEO of the Consumer Action Law Centre , former Chair of the Financial Rights Legal Centre and high level involvement with CHOICE.
The links between the 3 current FASEA Directors and the ASIC Consumer Advisory Panel cannot and should not be ignored.
In addition to the Consumer Advisory Panel is also the Financial Advisers Consultative Panel. (FACP).
It states this panel assists ASIC in:
contributing to our understanding of issues in the financial advice industry.
improving ASIC's capacity to identify, assess and respond to emerging trends in the financial services industry.
enhancing our relationships with our key stakeholders.
The members of the FACP are practising financial advisers.
"The FACP will provide ASIC with views on a broad range of issues relating to the financial services industry".
The website states " the terms of reference for the FACP are currently under review" !!
The question is this:
Did ASIC consult the Consumer Advisory Panel in regard to any proposed submissions to FASEA in relation to the Code of Ethics ?
Did ASIC consult the Financial Advisers Consultative Panel in regard to any proposed submissions to FASEA in relation to the Code of Ethics ?
Did ASIC consult either or both of these panels in relation to their submission to the Royal Commission ?
Is there an issue with 3 current Directors of FASEA previously holding very high level positions with 3 organisations who are represented on ASIC's Consumer Advisory Panel ?
The more you dig, the deeper and deeper the links become.
If any single person believes that association , ideology and pre-determined bias and attitude is not a major player in the formation of past and current financial services legislation and control , they are already in that space.
This is a very big game and the people who are determined to win are already in control.