ASIC finds standards below par

The Australian Securities and Investment Commission has delivered a report outlining that close to half of 90 finance and property companies failed to meet equity capital requirements. The standards were introduced by ASIC in 2007 in response to the collapse of the likes of Fincorp and Westpoint. Only 16 per cent of the 90 companies surveyed met the benchmark property valuation requirements.

Source: The Age

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