Submissions to the Senate review of the Australian Securities and Investments Commission (ASIC) have passed 350, with the vast majority submitted by individuals complaining of perceived failings by the regulator.
The Senate Standing Committee on Economics had so far received 248 submissions from individuals, 104 with the name withheld, with common causes of complaints relating to low doc loans, the failure of broking firms and the actions of auditors and liquidators.
The Committee had also received 40 submissions from organisations, including ASIC and Treasury, with no financial planning groups making a submission at this point. A number of industry associations have made submissions including the Financial Planning Association (FPA), the Association of Financial Advisers (AFA), the Association of Superannuation Funds of Australia and Industry Super Australia (ISA).
Two large financial services institutions have made submissions, the Commonwealth Bank and ANZ, with the former detailing the steps it had taken in response to ASIC's action in relation to the Commonwealth Financial Planning (CFP).
ANZ used its submission to give the regulator a resounding stamp of approval, stating that it found dealing with the regulator was "positive and professional".
The comments from individuals are in stark contrast, with many reflecting a loss of confidence in the regulator and calling for it to be restructured or in some cases dismantled and replaced with alternative regulatory bodies.
ASIC chair Greg Medcraft recently released two statements on YouTube defending the actions of ASIC and stating recent negative comments were the work of the media.
However the Community and Public Sector Union (CPSU), which represents ASIC staff, commented in their own submission that the regulator had suffered from a culture of bullying and harassment under previous management structures.
The CPSU stated this had begun to change under Medcraft, while former staffer Anne Lampe claimed ASIC had seemed to adopt a policy of burying difficult cases until complaints reached critical levels.
