Who's keeping ASIC accountable?

Have you noticed that communicating with ASIC has become impossible lately?

It takes even longer to get through to ASIC via the hotline with well over an hour becoming the norm. Online Enquiries take up to 5 days and don’t always resolve an issue.

We have hard copy forms that seem to have gone into a black hole with more than 28 days to be processed. Form 488s, Form 492s, Form 405s, Requisitions which are unresolved because of ASIC not returning calls despite reference numbers being provided and us following up.

Forms that ASIC says they haven’t received and then a month later appear on the lodgement history on ASIC Connect.

This is unacceptable from our government regulator.

If your experience is similar and you are equally frustrated, please feel free to submit a complaint to ASIC about ASIC. (https://asic.gov.au/about-asic/contact-us/how-can-we-help-you/complaints-about-asic/).

ASIC makes us and our clients accountable to rules, deadlines, processes and imposes hefty fines on companies for not adhering to their rules.

Who keeps ASIC accountable for not meeting their own standards and making our jobs as ASIC agents impossible?

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If I’m lodging forms by post I always send them by Express Post so I have a tracking number and can prove they received it. We shouldn’t have to do that but like you have also experienced them going into the ‘black hole’ and without tracking proof there is nothing you can do!

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Hi Anne,
We do the same. We have tracking numbers for forms lodged over 28 days ago, ASIC have confirmed receipt and the forms are still not processed. We have called ASIC regarding requisitions that ASIC have stuffed up. We are provided a reference number for the call and told the requisitions team will call within a few days to resolve - no one calls. Requisition is unresolved for months.

Thanks, Viola!
I wholeheartedly agree with that experience, and I think you have been generous with the time frames. The service is steadily in decline.

I will be following up the link, thank you for supplying it.

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I had a Form 492 I mailed to ASIC in May 2022 finally be processed correctly in September 2022. I spent that many months arguing with them and trying to prove that they had made errors. They made numerous typo errors to address and people name spelling when processing the correction. They also managed to remove about 14,000 shares from the company, that took a while to get them to fix that and add them back on.
I’ve done this job for over 25 years and have never seen them make mistakes like this before!

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Hi Robyn,
We have had similar expereinces. One particular company had a requisition for a form they refused to complete and image even though in our opinion it was 100% correct. The solution they recommended was to withdraw it, so we reluctantly withdrew it. To our horror we ended up with 4 requisitions for the same company because they misinterpreted the instructions. The client is going through a sale and due diligence process. We wanted their share capital to be perfect and instead ASIC stuffed it up further.

I lodged a complaint about the handling of 4 matters a week ago. Three were resolved within a week and the last is now being reviewed. The ASIC staff member that called me last week encourged us to complain so their internal staffing shortages are addressed faster. Their team had gone from 7 down to 2 staff members.