by consumers, consumer advocates and public officials over its inaction and inefficiencies in protecting consumers from large financial institutions. In 2015-2016 ASIC was subject to a class action claim of negligence by persons affected by the Storm Financial collapse for an alleged failure to take action, amounting to malfeasance. However, Justice Gleeson of the Federal Court of Australia struck out the statement of claim of the plaintiffs as being unarguable. ASIC has not acted against the Financial Ombudsman Service (Australia) (FOS) despite the organisation being exposed as having generated misleading file notes and then attempting to offer them in the discovery phase in a Victorian Supreme Court case. FOS were caught out and exposed by a consumer and ASIC has not acted against FOS. ASIC did commence proceedings against the largest four banks in Australia in 2016 for rigging of Australian benchmark interest rates. However criticism has been leveled against the regulator for failing to take action for over five years. Questions remain about how this will affect consumer civil causes of action against banks involved, given that the statute of limitations tends to be six years in Australia. In 2016, ASIC became the subject of heavy criticism in the debate concerning the creation of a Royal Commission into banking and financial services. Areas of responsibility ASIC's areas of responsibility include: corporate governance financial services securities and derivatives insurance consumer protection financial literacy. ASIC's consumer website www.moneysmart.gov.au was launched on 15 March 2011. MoneySmart replaced ASIC's two previous consumer websites, FIDO and Understanding Money. MoneySmart aims to help people make good financial decisions by providing free, independent and unbiased information, tools and resources. See also ASIC ASIC v Kobelt ASIC v Rich Australian Registered Scheme Number Australian finance: Australian Accounting Standards Board Australian Prudential Regulation Authority Australian Takeovers Panel Financial Ombudsman Service (Australia) Reserve Bank of Australia General: Economy of Australia Securities commission List of financial regulatory authorities List of company registers References External links Australian Securities and Investments Commission MoneySmart – the consumer website of Australian Securities and Investments Commission Securities and exchange commissions Securities Australian Securities Exchange Corporate governance in Australia Financial regulatory authorities of Australia