Monday 28 May 2012

ASIC Statistics


Australian Securities and Investment Commission Statistics 2010-2011 

Statistics on complaints of ASIC regarding Insolvency Practicioners

Australian Securities and Investments Commission March 2011
Insolvency practitioners complaints statistics These statistics summarise information provided in ASIC’s public submission to the Insolvency Enquiry and also brings them up to date. ASIC will provide six-monthly updates on these figures. 
Complaints volume trend 2006-07 2007-08 2008-09 2009-10 2010-11 To Dec Total/ Average % 
Total complaints and enquiries finalised 11,455 12,514 14,543 14,002 7,779 60,293 
Total insolvency appointments11,966 12,524 15,567 14,056 7,357 61,470 
Total complaints and enquiries against insolvency practitioners 406 352 633 520 234 2,155 
Total complaints and enquiries against insolvency practitioners excluding duplicates 344 317 438 467 218 1,784 
% insolvency practitioners complaints and enquiries of total complaints and enquiries 3.5% 2.8% 4.4% 3.7% 3.0% 3.6% 
% insolvency practitioner complaints and enquiries of total appointments3.4% 2.8% 4.1% 3.7% 3.2% 3.5% 

Statistics of complaints regarding Practitioners from the Insolvency Trustee service Australia.
( Note these are substantially lower)
This is because Bankruptcy Regulation uses S134 (3) to justify misconduct 
Table 8: All practitioners – complaints While the percentage of justified complaints increased marginally it is pleasing to note that the number of complaints received in 2010–11 decreased. 
2008–09 
2009–10
2010–11
Number of complaints received 
418
434
401
Percentage of complaints found to be justified 
17%
10%
11%
Number of complaints not requiring investigation 
189
195
214
Complaints not requiring investigation finalised within 14 days (standard 80%) 
100%
97%
92%
Number of complaints investigated 
229
239
187
Actual percentage of investigative complaints finalised within 60 days (standard 80%) 
85%
86%
87

Of the 401 complaints received in 2010–11, 335 were against registered trustees and the Official Trustee (343 in 2009–10).
These complaints encompassed six main areas: 

    ..lack of information or responsiveness 29% (25%) ..decisions concerning the claiming or disposal of assets 21% (21%) ..the extent of trustees’ fees and costs 10% (11%) ..delays in the administration or lack of action 15% (9%) ..inappropriate conduct or conflict of interest 9% (11%) ..income and contribution liability assessments 5% (4%) 
Commonwealth Ombudsman's Statistics
2009-2001
2010-2011
Not
investigated Investigated
Agency Received Cat 1 Cat 2 Cat3 Cat 4 Cat 5
ASIC 158 49 69 35 10
2009-2010
ITSA 69 29 22 6 8
2009-20010



ASIC 169 49 83 31 11
2010-2011
ITSA 70 27 17 15 8
2010-2011
Anything higher than a category 4 should be referred to the Minister.
The Ombudsman usually do a deal prior to this with the agency and send you a letter telling you to fuck off as they have solved the problem.



Also note only 20-25per cent of complaints are investigated.
Refer to my blog put up on Saturday night Commonwealth Ombudsman Statistics 2010-2011 for an explanation.

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