Yuyutsu...

* their fully-informed-and-consenting customers*

Oh, OK,

“We have met the enemy and he is us then"

"ASIC can only take action to rectify consumer detriment after a breach or suspected breach of the law by a firm.’

This wont last 5 minutes. Under the Trans Pacific Partnership(TPP) a member company only has say "this is a restraint on trade" and the govt will be like a sheep in the headlights which will only ever happen once.

Under the TPP if a member company thinks ANYTHING the govt does is restraint on trade they can take it to their own private court staffed with adjudicators sourced from TPP member world wide legal practices and the 3 member panel will order the govt to back off or they will fine the Aust govt.

They are only saying this because their is an election. No Australian govt will ever again pass any law without first getting the permission for it from the TPP.

Don't be concerned if you don't know about the TPP, you were never meant to.

What I can't figure out is whether or not you're arguing that bankers should have more freedom to screw Australians out of their hard earned money.

Are the white collar seat sitters trying to steal more from the blue collar labourers again?
That is the question...

You say that with more regulation credit cards may never have been invented, which is an interesting topic.

Credit cards might be great for bankers and economists as it gives them so many more numbers to crunch and a purpose and relevance.
But have they been a good thing for all Australians, given that most live week to week and can't save?

Maybe all credit cards ever did was take advantage of foolish younger Australians that live week to week and found another way to take their money;
Or maybe you've saved them from constantly taking their stuff to cash converters and paying even more, who knows.

I don't give a crap about you or your number crunching or your banking cartel, all I care about is whats good for all Australians.
Please tell me what products you were planning to unleash upon the Australian public that ASIC might oppose?

It honestly sounds to me like you're pissed off that a regulator might act to protect Australians and throw a spanner in the works in your intention to screw Aussies out of their hard earned money...
What's missing here is that you haven't tried to sell me on any proposed details or benefits of aforementioned unnamed financial products, so I can only conclude that something here doesn't smell right.

If you want to sell me, try starting with some merits.