If the chair of the Australian Securities and Investments Commission (ASIC), James Shipton had been less “opaque” in providing information to his commissioner colleagues about the payment of his tax advice expenses and the expenses of his deputy, Daniel Crennan, the issue would not have escalated.
That was the evidence of the acting chair of ASIC, Karen Chester who has told the Senate Parliamentary Joint Committee on Corporations and Financial Services that if there had been less opacity on the part of Shipton “I would not be here today”.
Chester responding to questions from the chair of the committee, Senator James Paterson who directly questioned the ASIC acting chair whether she was implying that responsibility for the Australian National Audit Office’s (ANAO’s) criticisms rested with the chairman.”
“Is that your your view. That this goes to Mr Shipton,” Paterson asked.
Chester said that she believed that if there had been full information provided to the non-recused ASIC commissioners, “I would not be here today”.
She claimed that she and the other commissioners had been informed of the issues but in an “opaque” way.
Chester also confirmed that a late set of documents provided to the ANAO in relation to the expenses issue had originated from Shipton’s personal computer.
Comments
Interesting. What do you suppose would happen and what would ASIC do if say a financial planner failed to provide documents that were the subject of a written demand in a timely manner or provide them after an audit/inquiry is completed? I wonder if those principles will apply in this case, or will the "swamp" look after their own?
Effing sickening!
Why not litigate???
These mongrels have made our lives a misery, lied in the LIF report to parliament, falsified information during the royal commission, hidden their gifts register, taken no action against known union super issues and now this about personal behefits!
ASIC is corrupt
There are now people trying desperately to save their own skins and reputations and pass the responsibility to an indefensible Shipton.
The Shipton is sinking and his crew now appear to be playing mutiny.
If this is not fast becoming blatant evidence that Josh Frydenberg is obliged to intervene on behalf of the Australian taxpayer then I don't know how long he wants to delay the inevitable.
A full and complete audit process of all the top key management personnel at ASIC should be implemented.
Chester and co all need to go
Don't you just love Karen Chester - normally completely wrong with almost everything she says - remember she stated that ASIC's view on the Westpac lending case was clear but turns she was completely wrong, and now she knew something but it appears it was not her fault she didn't know it all.
Keep talking Karen, I'm getting the popcorn.
After being in this industry a lifetime I'm beginning to wonder whether this nightmare is ever going to end. Seems that every which way that you turn there is another misdemeanour. Very Sad; glad I'm in the home straight.
"opaque" - that just about sums up everything going on at ASIC.
By the way Karen Chester, can we see the ASIC Gift Register now?
“HEADS ON STICKS” to quote ASIC.
ASIC’s entire Commissioner heads must go.
ASIC's Financial Adviser Regulatory mandate must go.
FARSEA’s entire board must go.
FARSEA must be put on hold until fully investigated.
Griffith Uni Academics involved in FARSEA conflicts must go.
Those who throw stones.
DISGUSTING HYPOCRISY, CONFLICTS OF INTEREST AND TOTAL UNETHICAL BEHAVIOUR.
Opaque! ASIC must have been too close with Industry Funds Australia whom are experts in being opaque. It's time heads were put on sticks at ASIC, ala Kell. Gift registers examined. 10 year look backs on their activity with full repayment of any wages if found to be in breach of any code. Lift their education to a Masters level. Subscribe them to a code of ethics set by academics, funded by Financial Advisers. I want to see a Financial Adviser present in every ASIC executive meeting to ensure they are conducting their regulation in good faith. Every communication from ASIC should be presented in a Statement of Regulation, and should be no less than 500 pages with repetitive disclosures and full details of the remuneration paid to every asic employee. We, the people need to take up litigation against ASIC, its the only course of action.
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