Brokerage Author

ASIC’s review of nearly 4800 individual disability income insurance (IDII) claims received between 1 January and 30 June 2021 has found more work is needed by insurers to ensure that consumers are protected from unfair practices in non-disclosure investigations and physical surveillances. As a result of ASIC’s review, some life insurers have made improvements to …

ASIC review finds room for improvement remains with life insurance claims handling Read More »

ASIC reviewed ColorTV Limited’s (ColorTV) financial report for the year ended 31 December 2021 and raised concerns about ColorTV’s lack of disclosure of material business risks in their operating and financial review (OFR) and the presentation of ‘EBITDA Operating profit/(loss)’ as a non-IFRS profit measure in their profit and loss statement. On 30 August 2022, …

ColorTV discloses material business risks and removes its presentation of a non-IFRS profit measure following ASIC review Read More »

The Federal Court has ordered MobiSuper Pty Limited (MobiSuper) and MobiSuper’s financial services licensee, ZIB Financial Pty Limited (ZIB), to pay combined penalties of $250,000 for failures surrounding promotion of the MobiSuper Fund. ASIC Deputy Chair Sarah Court said, ‘Superannuation is important for the future financial security of Australians. It is essential that consumers, when …

Federal Court penalises MobiSuper and ZIB Financial for superannuation advice breaches Read More »

Timothy Lee Knight of Ivanhoe East, Victoria, has been convicted after pleading guilty to authorising the making of a false or misleading statement to ASIC, contrary to s1308(2) of the Corporations Act. Mr Knight was formerly the director of Knight & Day Eating Pty Ltd (ACN 611 316 333) (deregistered) (KDE) which operated a restaurant …

Victorian director sentenced for making a false statement to ASIC Read More »

On 17 August 2022, Peter Neil Landau, of Claremont, Western Australia, pleaded guilty in the Stirling Gardens Magistrates Court to nine charges following ASIC’s investigations into former ASX-listed companies, Citation Resources Limited (Citation) and Continental Coal Limited (in liquidation). Mr Landau, the former director of Citation and Continental Coal, has pleaded guilty and will be …

Former Continental Coal and Citation Resources director Peter Landau pleads guilty to nine charges Read More »