Author Archives: ETE

ASIC has permanently banned Todd Karamian, of Sydney, New South Wales, from providing financial services and carrying on a financial services business after he falsified his financial adviser exam result. ASIC found that in December 2021, Mr Karamian altered his Financial Adviser Certificate from a fail result to a pass result and sent the altered […]

Following an ASIC review, Adslot Limited (Adslot) has written down all its goodwill in its financial report for the half-year ended 31 December 2022, totalling $5.2 million. ASIC reviewed Adslot’s financial report for the year ended 30 June 2022 as part of its financial reporting surveillance program and raised concerns about the assumptions it used […]

ASIC has banned Tanawha-based adviser Douglas Cecil Allen from providing financial services for three years. ASIC’s review of a sample of Mr Allen’s advice files identied that Mr Allen was using a ‘layered advice’ strategy and ASIC found that he provided advice that was not in the clients best interests, was not appropriate and that […]

ASIC has suspended the Australian financial services (AFS) licence of Global Pacific Solutions Group Pty Ltd (Global Pacific) for three years. ASIC found that Global Pacific failed to ensure that the financial services it provided were done so efficiently, honestly and fairly, as a result of the conduct of Douglas Cecil Allen, Global Pacific’s sole […]

On 10 November 2022, ASIC suspended the Australian financial services (AFS) licence of Sydney based financial services provider Gigi Investment Group Pty Ltd (Gigi Investment) for a period of three months. An ASIC surveillance found that Gigi Investment failed to: lodge its financial statements and audit report for the financial year ended 30 June 2021; […]

ASIC has cancelled the Australian financial services (AFS) licence of Capital Capital Pty Ltd (Capital Capital). The license authorised Capital Capital to deal in interests in managed investment schemes to wholesale clients. ASIC cancelled the licence on the basis that Capital Capital had failed to meet its financial reporting obligations. Capital Capital may apply to […]

ASIC has suspended the Australian financial services (AFS) licence of Lendfin Private Pty Ltd (Lendfin) until 1 March 2024. The licence authorises Lendfin to deal in interests in managed investment schemes to wholesale clients and to provide general advice and deal in basic deposit products. The licence was suspended because Lendfin failed to maintain the […]

ANZ has been penalised $10 million by the Federal Court in relation to its Home Loan Introducer Program (Introducer Program). The Introducer Program involved home loan referrals to ANZ from third party ‘introducers’ from various professions, including cleaners and real estate agents. ASIC Deputy Chair Sarah Court said, ‘Under consumer protection laws, ANZ’s Introducer Program […]

Six of Australia’s largest banking and financial services institutions have paid or offered a total of $4.7 billion in compensation, as at 31 December 2022, to customers who suffered loss or detriment because of fees for no service misconduct or non-compliant advice. This includes $1.1 billion paid or offered by the institutions between 1 July […]

ASIC has made two interim stop orders preventing Interactive Brokers Australia Pty Ltd (Interactive Brokers) from issuing Stock Yield Enhancement Program (SYEP) Derivatives to retail investors because of deficiencies in the product’s target market determination (TMD) and product disclosure statement (PDS). The interim orders prohibit Interactive Brokers from offering, issuing, giving a PDS for or […]