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Watchdog with bite
by
Karen Williams
It's
nearly tax time again, so if you're thinking of investing your hard-earned
tax return, you might like to check out this site before you do. The
Australian Securities and Investments Commission (ASIC) administers the
regulatory system of consumer protection for financial services, including
shares, insurance, managed funds, superannuation, derivatives and foreign
exchange contracts (and more). The Fido site contains a host of information
including financial tips, warnings, resources, and information about schemes
that have been less than honest. You can check these lists for a range of
information including companies and investment schemes, unclaimed money,
lists of known unlicensed overseas callers, and even 'banned people' -
people who have been banned from giving financial advice or directors who
have been banned from managing a company. You can also check out that
tempting prospectus that you received and see if the issuer has lodged the
prospectus with ASIC. One of the best reads is the 'Pie in the Sky' (PITS)
award. The annual PITS award goes to the most outrageous financial scheme
that's too good to be true. My favourite is the PITS winner for 2003, but
that's a separate story - you'll have to read that yourself. Guaranteed to
put a smile on your face.
www.fido.asic.gov.au/fido/fido.nsf