All Topics / Opinionated! / Power of ASIC?

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  • Profile photo of noddiesnoddies
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    @noddies
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    Hi All,[biggrin]

    I was trying hard to warn people about it using maths and other “black magic” stuff that was beyond the comprehension of many of the forumites (you being one of them),

    I can see that you do your research very well

    bugger…wrong link

    I can also see that your research about ASIC, (incidentally on the topic that you introduced) leaves room for improvement

    Regards
    Bryce Inglis
    Financial Advisor
    [email protected]

    Replies on this site are intended as general information only, as any specific investment solutions/advice must only be given in accordance with the requirements set out in the Financial Services Reform Act 2001 and the ASIC guidelines as set out in PS146.An appropriate professional should be consulted for specific advice

    Profile photo of Nat RNat R
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    Bryce…is your post intentionally meaningless or is there a deeper message in what is an otherwise pointless post??

    Stuart…no offence intended but even you must have been amazed and shocked as to how gullible the industry was on this point. I thought everybody in the finance industry had at least a rough understanding of the concepts of “present value” and “future value”

    If anything, I guess that is where I went wrong, by overestimating the knowledge of my audience my message missed its mark by a country mile.

    Some of the funniest arguments were from some dude who had no facts to back his views but tried to shut me up with the line “I’m a fully licensed finacial advisor, so I know these things”…….all he knows is where his commision cheques come from.

    Profile photo of noddiesnoddies
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    @noddies
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    Hi All[biggrin]

    Its that pesky uninformed dude again.

    Some of the funniest arguments were from some dude who had no facts to back his views but tried to shut me up with the line “I’m a fully licensed finacial advisor, so I know these things”…….all he knows is where his commision cheques come from.

    1. I know how to spell Financial, you don’t.
    2. I work for fee only.
    3. You are up to your old trick of insulting people and/or their professions.
    4. We the insulted don’t care what you think about us

    Perhaps we should widen the area of insulting professionals to include bankers and current banking practices, which may be more amusing to forumites than the drivel starting to appear in this post.
    I believe that everyone but bankers would enjoy it[laughing]

    Regards
    Bryce Inglis
    Financial Advisor
    [email protected]

    Replies on this site are intended as general information only, as any specific investment solutions/advice must only be given in accordance with the requirements set out in the Financial Services Reform Act 2001 and the ASIC guidelines as set out in PS146.An appropriate professional should be consulted for specific advice

    Profile photo of Mortgage HunterMortgage Hunter
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    @mortgage-hunter
    Join Date: 2003
    Post Count: 3,781

    Relax guys.

    Nat is not good at showing humility – this is about as good as it gets I suspect. [wink]

    No need for everyone to take things personally – I know I don’t and I have had my fair share at the wrong end of Nats attentions.

    Lets keep it friendly or the thread gets locked.

    Simon Macks
    Residential and Commercial Finance Broker
    ***NODOC @ 7.15% to 70% LVR***
    [email protected]
    0425 228 985

    Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.

    Profile photo of Nat RNat R
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    @nat-r
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    Post Count: 224

    Bryce ….my comments were directed at your post higher up, which you have to agree didn’t make a whole lot of sense, and not at your choice of profession.

    Everyone has a job to do but it irks me when know-nothings like the guys I described try to pull the wool over people’s eyes with throwaway lines.

    As for insulting bankers….I’m an Investment Banker with 18 years of insults thrown at me ….how do I fell about that???…when you earn as much as we do and live the life we do, we really don’t care what the unwashed masses think.

    When I’m flying first class to europe and staying in 6 star hotels, I don’t really put too much time into how other percieve me or what I do, nor do I feel that I have been touched by a lucky angel. I have worked hard and put up with a tonne of crap to get to where I am.

    What I do find amazing is that people who don’t know what they are talking about won’t take advice of somebody who has a better than decent knowledge on how some of these “behind the scenes” things work……yet they all bang on and on about how they are on a learning experience and are keen for knowledge.

    If you think knowledge is only worthwhile when it corresponds with your narrow view on life, then I really feel sorry for you.

    (Bryce these comments are not directed at you so why don’t you give it a break mate…BTW….I find that when the only insults people can throw at me are related to small typos on a forum they are usually well outside their comfort zone and reaching for straws in a debate)

    Natalie

    Not bad for my 400th post !!!!

    Profile photo of DazzlingDazzling
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    Nat is not good at showing humility – this is about as good as it gets I suspect.

    No kidding Simon…….

    I’ll be keeping my eye on this thread as well, and if it doesn’t get back on track to something remotely related to ASIC……instead of…..what’s currently on the boards…..we may need to have a closer look.

    Nat – R, despite the lack of posting by some forumites, and the mild mannered responses, some of the posters in our PI.com community are absolutely loaded to the gunnels, and probably have been longer than you and I have been alive. I think you’d agree they deserve our respect.

    Good luck to you in your investing endeavours.

    Profile photo of Mortgage HunterMortgage Hunter
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    @mortgage-hunter
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    Originally posted by Nat R:

    What I do find amazing is that people who don’t know what they are talking about won’t take advice of somebody who has a better than decent knowledge on how some of these “behind the scenes” things work……yet they all bang on and on about how they are on a learning experience and are keen for knowledge.

    Natalie

    Natalie,

    Here’s a funny thing…

    How can we respect your advice as coming from someone the calibre of yourself without knowing something about you?

    Thanks for sharing a little of your background with us. It certainly explains what comes across as arrogance and condescension and I feel your frustration with us unwashed masses who are bumbling along learning and making mistakes in our financial lives.

    Thanks for taking the time out from your jet setting lifestyle to drop little pearls upon us – sorry that we don’t always appreciate them. I will now be reading your posts with a much greater understanding now that I know you aren’t just Nat R who pops up every now and then to take an articulate swipe at other people. But you are Natalie the investment banker who stays in more expensive hotels and flies further towards the front of the plane than I usually do.

    Would you share a little of your investing background with us as well?

    What would be really great is if you offered us some positive advice on how you got there?

    I mean someone like Dazzling, who also can show a little less sensitivity towards others at times, has been good enough to share in painstaking detail how he is building his portfolio. Noone can say they don’t know how to do it after reading what he posts – can just say that they didn’t have the courage or cojones to start a bit bigger than the $200K 3+1 in dullsville.

    I know I would love to know more of the Natalie story. I am sure she is a whole lot more likeable than Nat R who condescends to telling us what we do wrong but never really gives us anything positive.

    Just reread this and it sounds sarcastic – is not what I mean it to sound but I trust you are thick skinned enough not to let that worry you.

    Look forward to some gems Natalie.

    Kindest regards,

    Simon Macks
    Residential and Commercial Finance Broker
    ***NODOC @ 7.15% to 70% LVR***
    [email protected]
    0425 228 985

    Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.

    Profile photo of grossrealisationgrossrealisation
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    hi all
    couple of things
    Lets keep it friendly or the thread gets locked.
    I agree we must keep it friendly but I do like a spat and nat r not sure about this one” we really don’t care what the unwashed masses think”.
    alot of those are investors and investment banker need investors.
    I know a few and they don’t share your views but we all have our own views and everyone should be able to air them.
    we are a open board here and we have people at different levels of knowledge in finance but I think that taking knowledge aside respect for there views is very important.
    and as for typos not sure as I don’t make mistakes in my posts( well as far as I think anyway)

    I am a little informed with regard to asic and to take it back on track.
    The trouble for asic is they are trying to fight to many fronts and are slowly losing the fight some areas are not a sive they are a net stocking.
    the 2/20 rule is so out dated that very few listed funds that started as unlisted even put a prospectus together.
    or its setup outside Aust and so isn’t covered.
    westpoint and others, we will find out was designed to avoid all asic rules and they can’t touch them.

    the advicers they can catch.

    as I posted I haven’t seen the banguru of this market that was behind this and just like banguru they will have a very hard to catch him if it is a him and not a pty ltd with bear trust directors from outside Australia.

    and nat r if you are
    As for insulting bankers….I’m an Investment Banker with 18 years of insults thrown at me ….how do I fell about that???…when you earn as much as we do and live the life we do, we really don’t care what the unwashed masses think.

    When I’m flying first class to europe and staying in 6 star hotels, I don’t really put too much time into how other percieve me or what I do, nor do I feel that I have been touched by a lucky angel. I have worked hard and put up with a tonne of crap to get to where I am

    then you would know these types of groups and these types of structures and may even know different people involved.

    the big end of town is a very small place as you climb that ladder chasing finance and westpoint wasn’t built from a coffee shop in marrickville.
    lets not kid ourselves this was a structure built by finance with rarther large pockets to extract finance from the masses to fuel developments.
    but maybe I’m in the
    What I do find amazing is that people who don’t know what they are talking about won’t take advice of somebody who has a better than decent knowledge on how some of these “behind the scenes
    box.
    my .002

    here to help
    If you want to get involved in some of the projects I’m involved in email to [email protected]

    Profile photo of Nat RNat R
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    @nat-r
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    Mr Gross….Ithanks for your reply….but i’m sorry i can’t really get your point…can you clarify please

    Profile photo of noddiesnoddies
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    @noddies
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    Howdy doody All,[exhappy]

    Its that pesky uninformed dude again, except now I need a wash[glum]

    Bryce ….my comments were directed at your post higher up, which you have to agree didn’t make a whole lot of sense, and not at your choice of profession.

    Sometimes I just dash stuff of the top of my head because there is nothing worse than typing a long epistle only to find the thread locked.

    Can you advise me of which particular post that you are referring to and the points of confusion that you are concerned about.
    .
    If you want clarification on anything I am glad to oblige.

    I am very happy that you have shared your insights on life in a sincere way for it shows me that we can have pleasant discussions, where we may have different viewpoints without the annoyance of moderators locking the thread.

    Regards
    Bryce Inglis
    Financial Advisor
    [email protected]

    Replies on this site are intended as general information only, as any specific investment solutions/advice must only be given in accordance with the requirements set out in the Financial Services Reform Act 2001 and the ASIC guidelines as set out in PS146.An appropriate professional should be consulted for specific advice

    Profile photo of Just LearningJust Learning
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    @just-learning
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    Sometimes I just dash stuff of the top of my head because there is nothing worse than typing a long epistle only to find the thread locked.

    So are you saying that when the keyboard engages, brain disengages ?

    ….and therein lies the problem for newbie posters like me…. experienced posters having little spats at each other over topics that newbies would start, because thats been the way it is and has been for the last 100 years…, but if an outsider dares to say something… at best they are ignored, at worst they are banned

    regards,

    Paul

    Profile photo of Mortgage HunterMortgage Hunter
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    Originally posted by Just Learning:

    Sometimes I just dash stuff of the top of my head because there is nothing worse than typing a long epistle only to find the thread locked.

    So are you saying that when the keyboard engages, brain disengages ?

    ….and therein lies the problem for newbie posters like me…. experienced posters having little spats at each other over topics that newbies would start, because thats been the way it is and has been for the last 100 years…, but if an outsider dares to say something… at best they are ignored, at worst they are banned

    regards,

    Paul

    Paul,

    You make it sound like it happens a lot.

    Please let me know where you were ignored and I will make a special effort to reply to each of your posts.

    Most other new users seem pretty happy – many even email me to tell me so. But I will do what I can to make you feel better,

    Cheers,

    Simon Macks
    Residential and Commercial Finance Broker
    ***NODOC @ 7.15% to 70% LVR***
    [email protected]
    0425 228 985

    Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.

    Profile photo of Mortgage HunterMortgage Hunter
    Participant
    @mortgage-hunter
    Join Date: 2003
    Post Count: 3,781

    Paul,

    Just been through your last five posts and cannot see that you were ignored so I imagine you are complaining on behalf of someone else? Can you let me know whom and I will endeavour to rectify it. I hate the idea that a new user is being ignored.

    Or are you just generalising?

    As far as banning goes it rarely happens. I can only think of one occassion so far this year but there may have been two. Banning doesn’t happen lightly either. But I accept that, since abusive posts are quickly deleted, the average member doesn’t see exactly why someone has been banned. And that is not a bad thing. You are not here to read abuse, spamming from the US or Eastern Europe or sexually explicit posts etc.

    If there is some way that myself or the other mods can make your visit more positive please call me or email me and tell me. We are keen to make this a welcoming environment but wont do so by allowing the place to degenerate into anarchy.

    Posting one line complaints that are not immediately justifiable doesn’t make it easy. The only person I know that can read minds is my wife and unfortunately she will not teach me – it will upset the balance of power in our household.

    Have a prosperous day mate,

    Simon Macks
    Residential and Commercial Finance Broker
    ***NODOC @ 7.15% to 70% LVR***
    [email protected]
    0425 228 985

    Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.

    Profile photo of grossrealisationgrossrealisation
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    hi Just Learning
    no problem with spats and not sure about the 100 years as I have got there yet.
    If you think your right then a spats ok for me and haven’t seen one banned yet.
    if they get personal then it the moderators call.
    as your name says just learning means to learn and one of the things to learn is there is no such thing as freedom of speech
    its controlled freedom of speech and as long as its not racist,deflamatory, vulgar, straight insulting you will have no problem.
    the only other type of thread that is locked is if its spam which again I don’t have a problem with.
    new bees from what I can see do get treated a little different and I try to be as nice as I can put if the person has been around the boards and comes out with a silly post then I tell them.
    we are all here to learn and there is no oricle or fountain of knowledge some need to learn more then others.
    as for
    Sometimes I just dash stuff of the top of my head because there is nothing worse
    thank your lucky stars that you have something to splash it on as my hair is going faster then a greyhound at star city.
    my .002

    here to help
    If you want to get involved in some of the projects I’m involved in email to [email protected]

    Profile photo of noddiesnoddies
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    @noddies
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    Hi all[biggrin]

    It appears that in one of my earlier posts a complaint was made that matters were unclear.

    The following is reproduced from ASIC explaining actions that were undertaken by them and show a highly complex process due to the limitations of enforcement acting as a Federal body when dealing with State related matters.

    The link to the full article is

    http://www.asic.gov.au/asic/asic_pub.nsf/byheadline/Westpoint+bulletin?openDocument

    1. What is happening with the company at the centre of Westpoint, Westpoint Corporation Pty Ltd?
    The Federal Court in Perth has ordered the winding up of Westpoint Corporation Pty Ltd. The Australian Securities and Investments Commission (ASIC) applied to wind up the company on grounds of insolvency.

    The court appointed PPB as liquidators of the company.

    ASIC believes Westpoint Corporation is responsible for arranging, managing and co-ordinating Westpoint’s property projects as well as holding money for other group companies.

    ASIC was concerned that Westpoint Corporation was unable to pay its debts, including its obligations under the guarantees given to the mezzanine companies to make good expected shortfalls in the repayment of amounts owed to investors.
    2. Have any other Westpoint companies been placed in external administration?
    A provisional liquidator has been appointed to Westpoint Management Limited. Westpoint Management is the trustee of the 60 Market Street and 297 Murray Street Trusts, and responsible entity of the Paragon Commercial Syndicate, the Warnbro Fair Syndicate and the Westpoint Income Fund.

    The Supreme Court has appointed PPB as provisional liquidators to Westpoint Management following consultation between ASIC, the receivers and managers over parts of the company’s property, and PPB.

    Under the orders, the provisional liquidators are required to provide a report to the Court and to ASIC regarding the winding up of the company, as soon as reasonable and in any event, within two months of the orders. ASIC will review that report to help it determine the future of the company’s Australian Financial Services Licence and its status as responsible entity of the managed investment schemes

    3. Where has the money gone?
    Instead of going into individual property development projects as Westpoint investors were led to believe, ASIC alleges investors’ money was pooled and used by Westpoint for various purposes of the group.

    The intermingling of investors’ funds must now be unravelled by the receivers and liquidators of various Westpoint entities. This will take some time.

    4. What happens to investors whose money is locked up in Westpoint schemes?
    Investors’ money remains tied up in the schemes pending the determination by liquidators of the most effective way to sell the assets in an orderly process. This process is likely to take some time.

    5. Why didn’t ASIC act earlier to regulate the Westpoint Group and prevent the loss of investors’ money?
    ASIC commenced action against Westpoint companies in 2004 when it became concerned that they were operating outside the provisions of the Corporations Law. ASIC sought a determination by the court that Westpoint was promoting a financial product and a managed investment scheme.

    ASIC’s appeal from the original court decision was heard recently. The court’s decision in these proceedings will determine ASIC’s jurisdiction over the activities of Westpoint and the avenues it can pursue in respect of Westpoint directors and the financial planners and advisers involved.

    6. Can it happen again?
    Investors should be aware that if they put their money into high interest products they are accepting high risk. Some investment schemes are deliberately structured so that they fall outside the provisions of the Corporations Act. Those schemes, many without an approved product disclosure statement or prospectus, carry the highest risk.

    I hope this clarifies why it has taken a long time for ASIC to deal with Westpoint.

    Regards
    Bryce Inglis
    Financial Advisor
    [email protected]

    Replies on this site are intended as general information only, as any specific investment solutions/advice must only be given in accordance with the requirements set out in the Financial Services Reform Act 2001 and the ASIC guidelines as set out in PS146.An appropriate professional should be consulted for specific advice

    Profile photo of Just LearningJust Learning
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    @just-learning
    Join Date: 2004
    Post Count: 57
    Originally posted by Mortgage Hunter:

    Paul,

    I hate the idea that a new user is being ignored.

    Posting one line complaints that are not immediately justifiable doesn’t make it easy.

    Hi Simon

    …whoops…[blush2]. been out of town for a few days and away from net, just now catching up.

    Can’t recall what I was thinking at the time, made sense at the time [confused2]…there was some nonsense going on in another (non investment )forum at the time and maybe my obtuse brain connected the 2 issues. [guilty]

    Sometimes I think too much, lol. Anyway I do feel welcome and comfortable here, not ignored at all.

    Sorry if I have confused/offended/annoyed you or other member.

    regards,

    Paul

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