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We have to conclude that ASIC comprises the most ill-informed, ignorant and just downright stupid bunch of individuals, ever appointed to look after anything. First they exempt themselves from the impartiality rules pertaining to the Public Service.
Then they crucify financial advisers, denying the public of qualified and experienced help when it is needed. They outsource their regulatory responsibilities to unaccountable agencies such as FASEA and AFCA. They say the benefits of SMSFs are well known, but basing its arguments on sewer-grade data, deride them anyway. At the same time they support industry funds - because they suit a left-wing, post-modern paradigm, and because they are purportedly "cheap". ASIC (absent any objective test) dismisses arguments that efficiency, or quality might actually benefit consumers, but puts no effort at all into understanding the structural challenges facing industry funds - which ASIC and APRA are belatedly writing to in order to be able to say they were actually doing something about known liquidity issues. It is a classic regulatory monopoly that charges exorbitant fees, with no oversight at all - and then divert resources from the tasks they say those fees support. ASIC, you are the epitome of the swamp. A day of reckoning is coming for ASIC and Shipton, Press, Chester, et al. will be flushed out by the new rains.