VOFF demands accountability from regulators

amp/VOFF/Banking-Royal-Commission/

image
image
expand image

With the Banking Royal Commission revealing the extent to which the big banks and AMP charged fees for no service, Victims of Financial Fraud (VOFF) is again asking who watches the watchdog that is supposed to stop such misconduct occurring.

Amid cries from the industry and public for regulators to also be put under the Commission’s scrutiny, VOFF asked “who holds APRA [Australian Prudential Regulation Authority] and ASIC [Australian Securities and Investments Commission] accountable for their clear failures”.

The advocacy group said that Trio Capital creditors were similarly charged fees for no service, including by ANZ and National Australia Bank custodians, and KPMG and WHK auditors.

They were also charged by Trio’s directors and employees for fees for no assets, under the eye of ASIC and ARPA.

VOFF demanded an explanation as to why regulators allowed this to happen and if they still were.

“Did the regulators imagine the money was verifiable or did they know it was long gone? It was discovered that audit failures were detected by APRA and ASIC over multiple audit cycles, but no action was taken until the assets had disappeared. Why?

“Where else has this been or is currently occurring?” the group asked.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

2 months 3 weeks ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

2 months 3 weeks ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

4 months 4 weeks ago

ASIC has suspended the Australian Financial Services Licence of a Melbourne-based financial advice firm....

1 week 5 days ago

The corporate regulator has issued infringement notices to three AFSLs whose financial advisers provided personal advice to a retail client while unregistered....

2 weeks 3 days ago

ASIC has released the results of its first adviser exam to be held in 2025, with 241 candidates attempting the test....

3 weeks 1 day ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND