Sunday, July 14, 2013


There is a tendency for all the regulators and interventionists to hide behind 'the – must be followed - process' and from a complainants of view it is frustrating.  I have read the various acts and try to understand the respective charters as 'regulators etal' and I try to understand each department not wanting to get involved in single disputes.

However, it IS those single disputes which seem to point to systemic and endemic issues.

ASIC have taken some flak recently about not acting on vital issues. [Commonwealth Bank] when early intervention could have saved millions.

The cases I have reported to ASIC [and are current] against banks all revolve around banks ignoring provisions of ASIC, ACCC, ACL and CCMC.  These issues are both systemic and endemic and effect millions of people.  Yet ASIC do nothing.

The inclusion of 'unfair terms and conditions' by the banks is prevalent, with them relying on obviously illegal clauses breaching many acts telling their customers they must comply. This is gross misrepresentation.  It’s actually worse because they will not put anything in writing rather relying on call centre staff to issue verbal threats which the customer is not allowed to record the conversation.  Dodgy?

Secondly, they ignore provisions of the NCCP particularly at S72, S88 and S89.  ALL the banks with whom we deal ignore the law yet ASIC don't do anything.

Lastly, I have a case against nab at FOS waiting for determination with nearly 2 years of 'must be followed process' by FOS.  ASIC, CCMC and ACCC refuse to become involved until FOS make a determination.  This is stupid when there is an obvious dysfunction and where a combined approach could expedite the matter and create systemic change.

In our current  case, nab have clearly breached legal requirements and continue to do so at our expense and I dare say at the expense of a few hundred thousand other so called 'customers'.

Yet ASIC seem reticent to do anything instead relying on its own 'must be followed process'. 

With one particular case at FOS for nearly two years you can imagine what I think of their process.  I have been quite direct.

ASIC's website indicates it will take action yet it doesn't happen?

Change does NOT take years – people take years to create change.  There wouldn’t be private enterprise if we took years to make a decision. 

May I suggest a little bit of strategic change management within the regulators etal would benefit our society.  Delays cost money and effect people’s lives in a very dysfunctional manner and - life is indeed finite.  Unlike FOS, TIO, ACCC, ASIC and CCMC the rest of us do not have years to wait for someone to do something. 

Presuming we are going to keep having requests for intervention, and maybe at an increasing rate, we need to create the changes necessary to expedite quality solutions.  Strategic change, resource allocation and people with the desire to protect society from illegal acts in an appropriate time frame.  People who don’t mind pursuing the wrongdoers – publicly and quickly.

Process is only a tool to create action – it is not a change agent in itself or an excuse for not doing anything.

Jon Langevad