Diplock defends commission over fin coy failures
Speaking at the Institute of Financial Advisers Financial Awareness Week breakfast yesterday, Diplock said the commission can not and should not prevent companies failing, despite media commentators suggesting it was the commission's fault that finance companies had failed.
"This is nonsense," she said.
"Fundamentally companies that have bad business models and poor governance should fail."
However, many more charges are in the pipeline as the commission "energetically" pursues finance company directors who misled clients, she said. Where misleading prospectuses were used, the directors who signed them needed to be brought to book. The commission had already laid over 160 charges in this regard with "many, many more to come", she said.
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