Letter to parliamentarians accuses ASIC of failure
The president of the so-called Westpoint Investors Group, Graham MacAulay, has written to Federal parliamentarians accusing the Australian Securities and Investments Commission (ASIC) of mishandling the Westpoint collapse and a range of other recent regulatory issues.
The letter, which MacAulay has also distributed to media outlets, states that he in common with all Westpoint investors was “foolish enough to believe that ASIC had sufficient competence to carry out the simplest of tasks”.
“It has been a very bitter lesson to learn they were not,” he said of the regulator.
MacAulay’s letter went on to ask: “If ASIC does not bother to check prospectuses before their issue, and does not know what is occurring in the marketplace unless someone comes in and tells them, as was the case with Kebbel ‘Bank’, how can ASIC possibly protect investors?”
The letter goes on to ask the Federal Parliamentarians to consider whether, in an election year, investing money is safe under the current regulatory system.
AUTHOR
Mike Taylor
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