Financial industry watchdogs are letting taxpayers down

ONE thing the Royal Commission has really exposed is the complete waste of taxpayer money the Australian Prudential Regulation Authority (APRA) and Australian Securities and Investments Commission (ASIC) have been.

Both established in 1998, they’ve been exposed as slush pits for highly paid bureaucrats who’ve done little to nothing about fulfilling their role and protecting the public from exploitation in the financial services industries.

APRA in its own words “… is an independent statutory authority that supervises institutions across banking, insurance and superannuation, and is accountable to the Australian Parliament… Under the legislation that APRA administers, APRA is tasked with protecting the interests of depositors, policyholders and superannuation fund members.”

Yet it has taken only one institution to court in 11 years.

ASIC again in its own words “… is Australia’s integrated corporate, markets, financial services and consumer credit regulator… we have powers to protect consumers against misleading or deceptive and unconscionable conduct affecting all financial products and services, including credit.”

In the past 10 years, ASIC has issued less than $1.3 million in infringement notices to banks.

The Australian public has been duped by these expensive organisations. But worse is the role of our politicians (of all sides) who’ve sat idly by and poured money into their coffers without question. No member of the public can be expected to have the knowledge and power to investigate, but the parliament which does have the power and finances, simply made no effort. Again politicians have let us down.

How much longer do we have to put up with politicians doing whatever they please with tapayer’s money (particularly with pay and perks) without being truly answerable? IAN TIMMINS MERMAID BEACH