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0.General, 1.Market Observations, 5.Troubled companies

31 Oct 2012 (The Age) – ASIC taskforce to look at tighter leash

(31 Oct 2012, The Age, BusinessDay, p6, Gareth Hutchens)

‘THE corporate watchdog has set up a taskforce to consider toughening regulation of the country’s debenture industry after the collapse of non-bank lender Banksia Financial Group.’

‘The move by the Australian Securities and Investments Commission came as receiver McGrathNicol took charge of a Banksia-linked mortgage fund, which collapsed owing investors nearly $10 million – just five days after Banksia went into receivership. Commissioner John Price will lead the ASIC taskforce. It will make recommendations to Treasury.’

Read more at TheAge.com.au

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