ASIC has commenced civil penalty proceedings in the Federal Court of Australia against Frank Cullity Wilson, former managing director of Quintis Limited (Quintis), for failing to discharge his duties as a director under section 180 of the Corporations Act 2001 (Cth). ASIC is alleging that by failing to disclose to the Quintis Board of directors …
The Australian Securities and Investments Commission (ASIC) has suspended the Australian financial services (AFS) licence of Vesta Living Communities Ltd (Vesta) after concluding that it had not maintained adequate compliance measures to meet its licence obligations. ASIC found Vesta had not met the organisational competence and financial resource requirements of its licence. Specific findings included …
ASIC suspends AFS licence of Vesta Living Communities Read More »
ASIC has extended two ASIC instruments to allow additional time to consider the policy position in relation to certain disclosure obligations of managed investment schemes and superannuation trustees. The relevant instruments are: [CO 12/749] Relief from the Shorter PDS regime and ASIC Superannuation (RSE Websites) Instrument 2017/570. Each instrument had been due to expire on …
ASIC has announced it will give financial firms, including superannuation trustees, transitional relief until 1 July 2019 to allow them time to update mandatory disclosure documents and periodic statements with the contact details of the Australian Financial Complaints Authority (AFCA). AFCA is the new single external dispute resolution (EDR) scheme for consumer and small business …
ASIC gives disclosure relief during transition to AFCA Read More »
The Australian Securities and Investments Commission (ASIC) has permanently banned financial adviser Ezzat-Daniel Nesseim from providing financial services. ASIC found that Mr Nesseim engaged in misleading and deceptive conduct, that he was not of good fame or character, and that he was likely to contravene a financial services law. In the course of an ASIC …
ASIC permanently bans financial adviser for providing false evidence to ASIC Read More »
ASIC has permanently banned Perth insurance broker, Mr Antonino Gucciardi, from the financial services industry for misleading, deceptive and dishonest conduct. Mr Gucciardi was employed as an insurance broker by Arthur J Gallagher & Co (AUS) Ltd (AJG), formerly OAMPS Insurance Brokers Ltd, for the period 1 August 2011 to 28 October 2015 and was …
ASIC permanently bans former Perth insurance broker Read More »
ASIC welcomes the authorisation by the Minister for Revenue and Financial Services of the operator of the new single external dispute resolution (EDR) scheme for consumer and small business complaints: the Australian Financial Complaints Authority (AFCA). AFCA will be able to deal with complaints about financial firms including banks, credit providers, insurance companies and brokers, …
ASIC has disqualified Paul Tattersall, of Western Australia, from being an approved auditor of self-managed superannuation funds (SMSF) for breaching independence requirements. ASIC found that Mr Tattersall had breached the auditor-independence requirements of APES 110 Code of Ethics for Professional Accountants in auditing his own fund and the fund of an immediate family member. Mr …
ASIC disqualifies Western Australian SMSF auditor Read More »
ASIC has started legal action in the Federal Court in Melbourne to wind up companies associated with two land banking schemes operated in Victoria and to disqualify Michael Grochowski and Ian Edward Stephens from managing corporations. The two land banking schemes are known as: Hermitage Bendigo (formerly Acacia Banks ) located at Midland Highway, Bagshot, …
Mr Senen Pousa, of Byron Bay, was today sentenced in the Brisbane District Court on charges brought by ASIC. Mr Pousa was sentenced after earlier pleading guilty to one charge of aiding and abetting his company, Investment Intelligence Corporation (IIC), to carry on a financial services business without holding an Australian financial services (AFS) licence. …
NSW director sentenced to charges arising from unlicensed financial services business Read More »
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