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On 28 June 2023, a liquidator disciplinary committee (the Committee) decided that Richard Ernst Auricht’s registration as a liquidator should be cancelled. ASIC’s referral to the Committee alleged Mr Auricht was not a fit and proper person to be registered as a liquidator, as he had failed to carry out adequately and properly his duties …

Liquidator disciplinary committee cancels registration of Richard Ernst Auricht Read More »

ASIC has disqualified Edoardo Perlo of Fortitude Valley, Queensland, from managing corporations for four years, after his involvement in three failed companies. Mr Perlo was a director of three companies between 2015 and 2020: Casa Gusto Pty Ltd (ACN 141 576 703) (de-registered) (‘Casa’); SMC Drummoyne Pty Ltd (ACN 600 533 140) (‘SMC’); and Popina …

Restaurateur banned for four years Read More »

ASIC has disqualified Gene Robert Farrelly from managing corporations for five years due to his involvement in the failure of five companies. Since February 2012, Mr Farrelly was the director of five companies that entered liquidation: United Project Partners Pty Ltd (ACN 155 849 399) (UPP); Secure Holdings Qld Pty Ltd (ACN 162 409 181) …

ASIC disqualifies Queensland director for maximum five years after engaging in illegal phoenix activity Read More »

Openmarkets Australia Limited (ACN 090 472 012) (Openmarkets) has paid the largest ever penalty imposed by the Markets Disciplinary Panel (MDP) of $4.5 million and entered into an enforceable undertaking in order to comply with an infringement notice issued by the MDP. Openmarkets has a history of compliance failures (including a 2017 MDP infringement notice) which …

Openmarkets pays record $4.5 million penalty, enters enforceable undertaking, former Head of Trading banned Read More »

A series of measures to help strengthen the UK’s leading position as a global and vibrant financial centre have been announced by the FCA. To help all investors make better, more timely decisions, the FCA is proposing to set up a consolidated tape (CT), so they can get clear and low-cost trading data. A CT …

Financial regulator sets out further reforms to improve markets and bolster competitiveness Read More »

An ASIC review has found that some individuals in high-fee transaction accounts, including First Nations people, are paying up to $3000 in overdraw fees over a year. Banks need to do more to assist such customers to move into low-fee accounts. The Better Banking for Indigenous Consumers Project reviewed target market determinations (TMDs) for both …

ASIC acts to ensure better banking outcomes for Indigenous consumers Read More »

On 30 June 2023, Gary Paul Shankland and Jamie Taylor of Begbies Traynor (Central) LLP and Christopher Andersen of AABRS Limited were appointed as Joint Administrators of CCCUK following an application by CCCUK’s directors. CCCUK (FRN 232015) is a firm that provides Contracts for Difference for retail and professional clients. CCCUK was authorised in 2004. …

City Credit Capital (UK) Ltd (CCCUK) enters administration Read More »

The FCA has banned Paul Steel of Estate Matters Financial Ltd (EMF) from working in financial services. He will also pay £850,000 to the Financial Services Compensation Scheme (FSCS). Mr Steel provided unsuitable advice to customers to transfer out of defined benefit pension schemes, including the British Steel Pension Scheme (BSPS). He also showed a …

FCA bans Paul Steel for unsuitable defined benefit transfer advice with £850k to be paid in redress Read More »