Brokerage Author

The Australian Securities and Investments Commission (ASIC) has cancelled the Australian Financial Services (AFS) licence of NSW Independent Insurance Brokers Pty Ltd after finding it has ceased to carry on a financial services business. NSW Independent Insurance Brokers’ AFS licence cancellation became effective on 19 July 2018. ASIC also found that NSW Independent Insurance Brokers …

ASIC cancels NSW Independent Insurance Brokers’ AFS licence Read More »

ASIC has obtained final orders in the Supreme Court of Queensland against Daniel Farook Ali, former director of DanFX Trade Pty Ltd (DanFX). ASIC commenced proceedings in 2017 alleging that Mr Ali, through DanFX, operated an unregistered managed investment scheme known as the Daniel Ali Scheme, which raised approximately $13 million from more than 200 …

ASIC obtains orders against investment scheme operator Daniel Ali Read More »

The former executive of Healthe Care Pty Limited Mr Gregory Campbell, of Bundall, Queensland, has been charged with three counts of insider trading. The filing hearing for Mr Campbell’s charges was listed at the Melbourne Magistrates’ Court on 20 July 2018. On 20 October 2016, Pulse Health Limited publicly announced that it had received a …

Former executive charged with insider trading Read More »

ASIC has banned Queensland financial adviser James Cribb from providing financial services for four years and suspended his Australian financial services (AFS) licence, held by Mode AFSL Pty Ltd (Mode), for 10 weeks. ASIC found that Mr Cribb failed to act in his clients’ best interests when providing advice on self managed superannuation funds (SMSF). …

ASIC bans SMSF financial adviser for four years and suspends licence Read More »

ASIC today announced the results from a review of the 31 December 2017 financial reports of 90 listed and other public interest entities. Arising from that review, ASIC has made enquiries of 17 entities on 20 matters, seeking explanations of accounting treatments. ASIC Commissioner John Price said, ‘The number of companies that quantified the impact …

Findings from 31 December 2017 financial reports Read More »

ASIC has today issued a consultation paper (CP 303) which proposes responsible lending assessments for credit cards be based on whether the consumer can afford to repay the credit limit within three years. This proposal follows recent reforms to the regulation of credit card lending. Under the revised responsible lending obligations, a credit card contract …

ASIC consults on credit card responsible lending assessments Read More »

On 28 June 2018, ASIC accepted a Court Enforceable Undertaking from Melbourne-based Dover Financial Advisers Pty Ltd and its sole director, Mr Terry McMaster. Mr McMaster is named as the Key Person on Dover’s AFS Licence (AFSL). Under the terms of the Court Enforceable Undertaking, Dover will cease operating its financial services business by 6 …

Dover Financial Advisers’ financial services licence to be cancelled Read More »

ASIC has accepted a court enforceable undertaking from Vantage Global Prime Pty Limited (Vantage). Vantage is an Australian Financial Services licensee that is authorised to deal in financial products including CFDs to retail and wholesale clients. CFDs are derivative financial products that are generally not bought or sold on an exchange traded market in Australia. …

ASIC accepts court enforceable undertaking from Vantage Global Prime to address systems and controls inadequacies within its CFD business Read More »

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 …

ASIC launches civil penalty proceedings against former Quintis managing director Frank Wilson Read More »

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 »