Business
ASIC lurches from bad to worse – The Australian Financial Review
Frictions between ASIC commissioners are bubbling up at a time when the corporate cop has suffered some humiliating legal setbacks, causing many to wonder just what has gone wrong.
That optimism is wilting now that ASIC has fallen out of favour in Canberra, after a string of humiliating legal losses, starting with its ill-fated battle over responsible lending.
Not only did ASIC lose its high profile “wagyu and shiraz” case against Westpac, it had to be dissuaded from seeking special leave to appeal the case to the High Court in a final desperate attempt to secure victory.
It was only after receiving sage counsel from Reserve Bank governor Philip Lowe and Treasury secreta…
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