Dana Wortley (SA, Australian Labor Party) Share this | Hansard source

Mr President, I ask a supplementary question. Is the minister aware that ASIC indicated in the Australian Financial Review on 16 June 2006 that it would be powerless to shut down another Westpoint style scheme due to regulatory loopholes which still remain under this government’s laws? Why, three years after Senator Campbell’s promise to act quickly, is the government still refusing to act to close this loophole to protect mum-and-dad investors from Westpoint style schemes? Do we have to see another scandal of the magnitude of the Westpoint collapse before there is any action?