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Another day, another judgment against an Australian banking group for misconduct. The Australian Securities and Investment Commission's civil action against two WestPac group companies ended with findings of fault - but, again, ASIC has not succeeded on grounds upon which it thought it was safe. Spoiler alert: the case was commenced before the start of the Royal Commission on Misconduct in Banking, etc.

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We've been down this road before: Australian Securities and Investments Commission (ASIC) has taken action against auditors of self-managed
superannuation fund (SMSF).

Coupled with the evidence before the Royal Commission one thing is clear: ASIC's mandate is fundamentally flawed and a new model must be created ASAP, not ASIC.

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Australia's superannuation scheme is popularly known as "super" and it has nothing to do with Reggie Perrin although, given the frequent problems with it, it might be the successor to Sunshine Des serts. Now an auditor of self-managed schemes has been banned after it was determined that he had "breached fundamental independence and audit requirements."

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