LOL… I’m not even going to contest that LOL
And… i , in turn have realized that they know it
EXACTLY MY POINT
kind of renders the whole ASSURANCE OF REGULATION to a certain level of B.S. doesn’t it
the rest of what you said, i didn’t know that, but thank you
but yeah, when i called up
it was close to RETARD LEVEL of knowledge (no offense to retarded people)
Common sense would dictate that if you call a police station and ask a police officer is stealing against the law
YOU WOULD THINK that he would know WHAT THE LAW WAS hehe (let alone what is illegal under the law)
well. when i called ASIC
the lady said, she had never heard of FOREX
i then said FOREIGN EXCHANGE / Currency Trading
she said, she has never heard of that, then replied with “sir, is there something else i can help you with that we do deal with”
i said, but, YOU ARE THE REGULATORY BOARD IN AUSTRALIA
the broker has it on their site that ASIC is the regulator
if i call the Financial Ombudsman he will tell me ASIC is the regulator
i also know that this is a fact because i looked into what is required to become a broker and one of the steps are , it is advisable to be registered with a regulator such as ASIC
I SAID ALL THIS
i had to even explain what a forex broker was and does
and after all that
She still said "oh, so it’s sort of like the stockmarket… yeah, we don’t deal with that"
LOL
I KID YOU NOT
THIS WAS STUPID BEYOND BELIEF
and they said, contact the broker if you have a complaint
so… (as stupid as it seemed) i did that
obviously i very politely got the middle finger hehe
i then called around to a few financial people, Banks (were not much help unless i wanted to open an account)
Tax Agents, Financial Advisors, Accountants
all of them said… YOU SPEAK TO ASIC
at one point, i actually asked ASIC (in a different phone conversation) How do i become a broker and get a financial licence
THEY SAID “We don’t know” (i swear i am not making this up… ok)
they said you could try going to TAFE
and i said Which course do i do
They said… YOU GUESSED IT… “We don’t know”
i said, but how does a broker become a broker in the first place, i mean
if i want to be a registered electrician , i call the Regulatory Board and ask HOW DO I BECOME A REGISTERED ELECTRICIAN (i know this because i recently ask on behalf of a young bloke i know)
and they usually say
do An Electricians courst in TAFE
Get your Certifications
Then get 3 industry References
have 12 months experience under your belt
come back to the regulatory board and apply TO BE REGISTERED
simple
you’d think the process is similar for a broker
they just said,
ASK A BROKER OR ACCOUNTANT
and i said “But how do they get registered with you to begin with if you don’t know anything about forex,
there must be a form or something… right ?”
in a nutshell
they said
speak to the broker or accountant
now to speak to those guys about this is like spitting in their face, but i asked anyway
they said, MATE, CALL ASIC AND ASK
this is how stupid is was
I SERIOUSLY KID YOU NOT
after a while i just said, THANK YOU FOR YOUR TIME, HAVE A NICE DAY
what else could i say ?
so yeah
CONCLUSION
FROM ASIC - Regulation means nothing, it’s a pipe dream to satifsfy newbies that don’t know any better
if you want to complain HAVE DEEP POCKETS AND A LAWYER OR… SHUT UP AND SIT DOWN
simple as that