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Australian Regulatory Compliance Review
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Commonwealth Parliament has adjourned until 8 May when it resumes for Budget Week.
Before adjourning, the House of Representatives agreed to Senate amendments to both the Anti-Money Laundering and Counter-Terrorism Financing Amendment Bill and the Private Health Insurance Bill.
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Although Fincorp was heavily monitored for compliance by ASIC, it has failed resulting in losses to investors of at least $120 million.
ASIC had stopped a Fincorp prospectus in 2005 for misleading advertising.
KordaMentha have been appointed administrators and have told a creditors meeting they expect a 30% return in 5 years.(The Australian)
The Eureka Report has a discussion about protecting consumers from high-yielding fixed-interest investments such as Fincorp.
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