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Dr. Mark Sinclair
Dr. Mark Sinclair, Mentor Education

Former ASIC employee condemns ASIC’s response to complaints.

27 October 2013

A former employee and Walkley award winning investigative finance journalist and writer of ASIC has condemned the speed which ASIC responded to consumer complaints indicating the corporate watchdog only responded when the volume of complaints reached “tsunami level.”

The comments were made by former ASIC communications adviser Anne Lampe, in a submission to the Senate inquiry on ASIC’s performance, and said that, “ASIC would frequently receive complaints about dodgy and suspect investment schemes as well as lost investments in failed companies” and “these complaints were dutifully logged and filed, their recording was methodical and the records were well kept.”

Lampe claims that “too many complaints remained buried in the archives” and “it was only when the volume of complaints and losses about a particular scam reached tsunami level, or investors with losses contacted a member of parliament, or triggered a media inquiry that ASIC seemed to spring into action.”

Lampe praised the commitment and work ethic of ASIC investigators and lawyers in the enforcement section but conceded that “there seemed to be some blockage at the top,” adding that “negotiating enforceable undertakings rather than taking people or companies to court was a preferred course of action when complaints reached a crescendo.”

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