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ASIC can hardly lecture on ethics and culture when it’s own culture is one of no ethics and deceit


ASIC, Australia’s corporate regulator has slammed the banks and big corporations on poor ethics and work culture. ASIC’s comments come after an investigation has been launched into CommonInsure after media investigations brought light to alleged unethical behaviour in banks that could signal systemic problems in the insurance industry, reports ABC News. 

The broadcaster goes on to state:

“The investigation revealed several cases where claims for payouts were rejected by CommInsure executives despite evidence that the claims were legitimate”.

ASIC Chairman Mr Greg Medcraft says, “What I have said before is that, clearly, there is an issue of culture in some parts of, well a lot of, the banks.

“What has to happen is that people have got to not just talk about culture – actions have got to start speaking louder than words on culture and they’ve got to start thinking about putting their customer first.

“I think what has happened to CommInsure should be a signal to the industry more broadly.”

However, one ASIC critic said the fact ASIC is trying to lecture banks and companies on culture and make CEOs criminally liable for the culture within their organisations is ludicrous.

“If the same rules applied to ASIC employees, Chairman Greg Medcraft would be in jail. The ASIC is infested with deceit, deception and no ethics. They routinely lie to Supreme Court and Federal Court judges, publish misleading information in their press releases, lie in their affidavits and make up baseless allegations against its targets. They abuse taxpayers’ money and mislead politicians as well.

“But since ASIC assumes it’s above the law, many ASIC employees because of the deceptive culture (who may have been honest and ethical before working at ASIC) adapt quickly to its toxic culture and behaviour, as the environment encourages them to. Australia deserves an honest, ethical and transparent regulator that’s also competent. Instead we have a dishonest, unethical, deceptive and grossly incompetent one”, he said.

Another industry observer said, “it’s an embarrassment to our country, but unfortunately no politician has the guts to do anything about it”.


1 thought on “ASIC can hardly lecture on ethics and culture when it’s own culture is one of no ethics and deceit

  1. Don’t worry, it will all be over soon, Australia is in debt …
    Foreign Banking Interests are lining up as we speak, to take over Australian Banks / insurance will follow, etc, etc, etc.
    Needles to say ASIC will not be needed & therefore it will be shut down.
    As for this story … they only run this rubbish, because their tiny little minds cannot think of anything else to run.
    When are we going to gift The ABC to Rupert Murdoch ?
    We can’t sell them beause they are antiquated & obsolete … no one on earth will buy these 2 networks, not even for the equipment, it belong in a museum – it makes you wonder “TO WHOM’S HANDS THE BILLIONS ARE DELIVERED” – hey.
    The ABC Network & The SBS Network cost us … MANY BILLIONS OF DOLLARS EACH YEAR
    and for what.
    Have you all seen the programs that are run overseas … compared with the rubbish we get in Australia.
    Billions of Australian Taxpayer Dollars are squandered on the ABC & SBS networks, monies that could be spent on better quality programs.
    Let us all feel sorry for ourselves & make a few demands.

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