“Broken” ASIC capitulated to Westpac on dodgy loans

Wednesday 5 September 2018

While Shipton was declaring victory one of the country’s top banking academics – Dr Patrick McConnell from Macquarie University – said ASIC’s tendency to settle, rather than follow through on court action it initiates, highlighted the regulator’s defensive posture.

“The way ASIC is structured means it is always on the back foot,” he said.

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.