Monday, November 10, 2008

Dear President (elect) Obama - have you ever heard of the Financial Services Reform Act

It is really interesting that during the last part of the 20th Century the Howard Government decided to look at all Financial Services in this country and under the Stewardship of Liberal Hit Man Joe Hockey introduced the Financial Services Reform Act.

It was enacted in the early part of the 21st Century with much kicking and squealing from Financial Institutions. It was unforgiving in whom it embraced and provided Government Departments ASIC and APRA with some pretty far reaching powers to control and monitor the financial services industry in this country.

The rules were laid down and auditors dispersed to ensure that all financial institutions met the new rules. Well one has to believe that the lack of drama amongst our Banks etc could well be a result of our Managers having a clearly defined set of rules to meet. The converse of course is the American Banks who simply do not have the same disciplines to meet and it is therefore my offer to the new President have a little look at our our FSRA process it seems to have done Australia Proud.

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