Yesterday I spoke to a contact of mine who works at ASIC as a financial crime investigator who works on Ponzi schemes and large-scale corporate fraud. He said if around 20 RACP members submit well-evidenced complaints through the ASIC reporting form, given the level of press already received, ASIC will likely open a formal investigation.
The RACP is registered with ASIC (ACN 000 039 047). Meaning its directors have legal obligations under the Corporations Act and ASIC has oversight of how it's governed and how member funds are managed. As a member, in ASIC's eyes, you're closer to a shareholder with legal standing, and the College has a duty to demonstrate that your fees are being applied in good faith toward the purposes you paid for.
complaints would need that framing:
you paid fees, you did not receive the governance or services those fees were meant to fund, and you can demonstrate it.
What to include in your complaint:
- The exact fees you paid and when (see below for 2026 figures)
- A statement of what those fees were supposed to cover, e.g. CPD support, training oversight, advocacy, member representation
- Specific ex of what was not delivered - delayed CPD access, crazy comms during the governance crisis, 5 failed EGMs consuming College resources, board dysfunction over 8+ months
- 4% fee increase in 2026 during the governance collapse
- Any downstream impact on your patients or the Australian public, e.g. training disruptions, reduced confidence in specialist oversight bodies, workforce implications
2026 fees to reference:
- Annual training fee: $4,230
- Written exam: $2,329
- Clinical exam: $3,484
Fellows
- Admission to Fellowship: $1,575
- Annual Fellowship subscription: $2,291
https://www.racp.edu.au/become-a-physician/fees
These are not small amounts. Across 30k members this is a significant pool of funds, and ASIC will look at whether governance of those funds meets the standard required of a registered body.
Submit here: https://asic.gov.au/about-asic/contact-us/reporting-misconduct-to-asic/
If you include your name and contact details, ASIC can follow up with you directly. If you submit anonymously they won't, but the complaint will count. Named complaints with detailed evidence carry more weight.
The ACNC (the charity regulator, since RACP is also a registered not-for-profit) already entered a compliance agreement with the RACP over governance failures back in 2019. History repeating itself would be relevant context to include.
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*I'm allied health, but this shitshow affects the whole sector and matters to anyone working alongside docs or relying on RACP to function properly.
Time to assemble for a death blow marshmellows