Overview of Part II
At the public hearings and in written questions placed on
notice, the committee questioned ASIC about many aspects of its regulatory
responsibilities and tested ASIC on particular investigations or enforcement
cases. As ASIC's responsibilities are extensive and its enforcement actions involve
complexities and nuances that can require detailed explanations, the committee
has selected two case studies to examine in detail and assess ASIC's
The first case study relates to claims of unethical and
irresponsible lending practices between 2002 and 2010 that affected vulnerable
people. Many people raised this issue in their submissions, drawing on their
personal experiences to make serious allegations of wrongdoing and to highlight
concerns about ASIC's inadequate response.
The second case study relates to the catalyst for this inquiry:
ASIC's response to serious and widespread misconduct within Commonwealth
Financial Planning Limited.
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