What happened to the complaining Royal Commission witnesses?

25 October 2019

Of the 26 financial institution customers who were witnesses at the Royal Commission, only three had previously raised their concerns about alleged misconduct with the Australian Securities and Investments Commission (ASIC).

The regulator told a Parliamentary Committee that of the concerns raised by the three witnesses, two had been referred to specialist teams within ASIC and the third was referred to an external dispute resolution scheme.

“ASIC did not take further action because the matter was better dealt with by the external dispute resolution process (EDR), to get individual rectification,” the ASIC said in an answer to a question on notice from the Parliamentary Joint Committee on Corporations and Financial Services.

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ASIC said the witness referred to EDR had initially been referred to a specialist team for further consideration but that “the specialist team declined the matter on the basis the concerns were better dealt with by the Financial Ombudsman Service to get individual rectification and compensation”.

However, it said ASIC was currently investigating the financial institution in question.

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I must admit that I was unaware that it was a requirement that instances of misconduct to be raised with ASIC prior to being raised with the Royal Commission. We should probably update our EDR details in our FSG to include ASIC!

does that only one has a potential loss caused by a financial adviser and the rest just complained about bad outcomes that were their choice or was out of the control of the Advisers, such as the lady who Pie Face or Bed and Breakfast didnt work out because they had more money than common sense? Give us more information Mike.,, why did the PC ask these questions? The RC was a show, and yeh CBA/Count execs were dodgy as hell, but the reputation of adviser generally was unfairly affected. Let us know how many Execs got internal reprimand?

We think ASIC has been asleep at the wheel, we put in a complaint re BankWest/CBA, then nothing, we feel ASIC seem to be on the banks side, we were treated badly by BankWest/CBA, never missed a payment, paid all wages, suppliers, CBA when they bought out a struggling BankWest, literally sent all BankWest customers to the wall, jus5 didn’t want them, they bought BankWest for a song, BankWest were aggressive in going out t9 get our business with gifts etc, only to do the dirty in us, the RC was to short, loaded up with to much, only 27 victims out of over 10.000 submissions got their chance, and they were the weaker cases ,the real cases are with small business, and farmers, they didn’t want to open that can of worms, and ASIC just turned a blind eye to banking corruption, and criminal acts.

Because it was all about stitching up non-union Super fund advisers, who haven't on cushy intra-fund commission arrangements since 2014, like the 960 bonus paid union fund "advisers". Simple as that.

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