Medcraft's appalling speechBY CHRISTOPHER PAGE | FRIDAY, 12 DEC 2014 10:35AM I am surprised. More than that, I am astonished, shocked. Last week I was left speechless by the address that the Australian Securities and Investments Commission (ASIC) chairman ... Upgrade your subscription to access this article
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Whats your answer Christopher...silence the regulator? Of course the regulator need to be in the public space. Unfortunately they don't use a big stick, perhaps relying on the ethics of the sector to get the message and improve. Apparently you don't get the message.
The regulator has the right to be angry at the nonsense uncovered in the banks. He is also correct and supported by the FSI report in getting the Corporations Act changed so that he can keep product that is rapacious out of the marketplace. for example the PDS for some Forest schemes highlighted 20% upfront commissions to accountants.
Mr Medcraft is looking at the thousands of people who have lost their life savings mostly because people thought it was OK to do them over.
You have to act in the best interests of the client and if you do not then you should resign from this industry.
If the regulator is going to look to cap the insurance market then that is market interference but if the regulator is going to review all product coming onto the market then that is a good use of the regulatory function. It is when the regulator tries to control the market that they get ultimately smashed up.