Day: October 22, 2024

ASIC has cancelled the Australian financial services (AFS) licence and Australian credit licence (credit licence) of Ultiqa Lifestyle Promotions Limited (in liquidation) (Ultiqa) following payment of compensation by the Compensation Scheme of Last Resort (CSLR). On 28 June 2024, the Australian Financial Complaints Authority (AFCA) made a determination against Ultiqa, which Ultiqa failed to pay. …

ASIC cancels the Australian financial services and credit licences of Ultiqa Lifestyle Promotions Limited Read More »

ASIC’s program of transformation continued in 2023–24, according to the agency’s latest annual report. ASIC Chair Joe Longo said the report highlighted a range of key regulatory and enforcement outcomes focused on protecting consumers, reducing costs for businesses, and strengthening capabilities. ‘We have made significant progress with the program of transformation work we began three …

ASIC annual report underscores transformation Read More »

On 21 October 2024, the ex-CEO of ACCE Australia Pty Ltd (ACCE), Grant Colthup, appeared in the Magistrates Court at Ipswich charged with one count of fraud contrary to section 408C of the Criminal Code 1899 (QLD) following an ASIC investigation in connection with a $2.2 million cryptocurrency transaction in July 2022. Between May 2019 …

Ex CEO of crypto exchange Mine Digital charged with fraud Read More »

Twenty finfluencers are being interviewed under caution by the FCA, as it launches targeted action against finfluencers who may be touting financial services products illegally. The FCA also issued 38 alerts against social media accounts operated by finfluencers which may contain unlawful promotions. Increasing numbers of young people are falling victim to scams, and finfluencers …

FCA cracks down on illegal finfluencers Read More »

The FCA has placed restrictions on Business Agent Limited. The action follows concerns about the firm’s failings related to its ‘Nextcrowd’ platform. The move to restrict Business Agent Limited came on 22 July 2024, after our review exposed significant regulatory breaches. Following a review of the firm’s representations, we issued a Second Supervisory Notice on …

FCA imposes restrictions on Business Agent Limited from regulated activities over ‘Nextcrowd’ failings Read More »