According to the appendix 'Four Corners', the WestPoint case involved 4000 Australians, most of which were pensioners (Four Corners, 2006, Page 1). Small investors were the ones to face the tragic collapse of WestPoint, as they lost their savings and the impact of these investors is described by the procession of WestPoint Investors Group to organize demonstrations to emphasize their predicament and attract the investment casualties.
Some years before, WestPoint aggrandized funds by ensconcing a network of financial planners in order to upgrade its products. The entities interested in investment ought to hold an Australian Financial Service License for initiating with the investment operation, the venture or entity that counsels about financial products ought to be an Australian Financial Service holder (AFS); called as an AFS licensee. Financial business usually are deposit accounts, insurances, investments in funds such as shares, debentures etc. If not an AFS bearer, he can either be a director or apprentice to the license bearer. Furthermore, if the former doesn't intervene, he should be an authorized delegate of the Australian Finance service bearer. These delegates or representatives can be termed as 'business authorized representatives' as they hold an approbation to represent license bearers. There are assorted legal protections provided by the Australian Finance Services license, if at all, something inappropriate or contradictory situation occurs. It is always advisable to keep in account the license details of any financial services or benefits one is planning to avail.
Since, West Australia is a renowned hub for business successes and entrepreneurship, the promoters and planners allied to financial sectors, accountants and others took availed all the possible opportunities of risk tolerations to gain profits. This was all possible because of a property development called WestPoint. But, some of the financial arrangements which were careful in planning involved the profits outside the governance of the Australian Securities and Investment Commission (ASIC), which was its governor. It focuses on the promulgation of Markets Advisory Committee to operate the corporate establishments. Also, it focuses on establishment of Takeovers Section, an Australian accounting Board, a financial Reporting Panel involved in financial services. This act is conformed on jurisdiction and in states which are referring only to the reach to which the legislative powers of the Parliament takes charge of the application. Australian Securities and Investment Commission is a common seal with enduring succession, along with the procurement or disposal of real or personal asset. As far as membership is concerned, ASIS comprises of 8 members out of which 3 ought to be full-time associates appointed by the Governor-General.
The solutions to it, definitely,