Author Archives: ETE

Barrow & District Credit Union Limited was placed into administration on 16 September 2021 and has now stopped trading. James Sleight and Peter Hart of PKF GM have been appointed as administrators. Barrow & District Credit Union is a financial co-operative owned by its members. It’s regulated by the Prudential Regulation Authority (PRA) and the […]

Fraudsters are using the details of firms we authorise to try to convince people that they work for a genuine, authorised firm. Find out more about this ‘clone firm’. Almost all firms and individuals carrying out financial services activities in the UK have to be authorised or registered by us. This firm is not authorised […]

Gold Coast brothers Ashley Kevin Nugent and Sonny Nugent, each charged with two instances of failing to produce books and records to ASIC, have had their charges dismissed, or have been found not guilty of those charges, by the Southport Magistrates Court. On 23 August 2021, Magistrate Finger presided over the summary trial of Sonny […]

The Federal Court has made declarations that Colonial First State Investments Limited (Colonial), as trustee for the Colonial First State FirstChoice Superannuation Trust (FirstChoice Fund), made false or misleading representations and engaged in misleading and deceptive conduct when communicating with members. In 2012, the Australian Government passed superannuation industry reforms requiring trustees, like Colonial, to […]

On 16 November 2020, an outage occurred shortly after a major upgrade to ASX’s equity trading platform, ASX Trade, called the ASX Trade Refresh project (the project). ASIC and the Reserve Bank of Australia (RBA) (the regulators) view operational incidents of this nature with significant concern. To examine the issues, the regulators informed ASX of […]

ASIC today announced the findings from its review of managed funds’ illiquid-asset valuation practices during the early stages of the COVID-19 . ASIC gathered data between 1 March and early November 2020 when the industry was dealing with significant economic uncertainties as a result of the pandemic. ASIC undertook the review to assess whether the […]

ASIC prosecuted ten companies between 1 January 2021 and 30 June 2021 for failing to comply with their obligations to lodge financial reports. Certain types of Australian companies are required by law to lodge financial reports with ASIC within a specified period after the end of their financial year. Some companies are also required to […]

ASIC has commenced civil penalty proceedings in the Federal Court against six companies that are, or were, part of the AMP Limited group, alleging these entities charged fees for no service on corporate superannuation accounts. ASIC alleges the AMP companies charged advice fees to more than 1,500 customers despite being notified that those customers were […]

ASIC has updated Information Sheet 29 External administration – controller appointments and schemes of arrangements – most commonly lodged forms (INFO 29) to help external administrators, controllers and scheme administrators comply with their lodgement and publication requirements following the introduction of three new types of external administration. The new external administration types have been in […]

Vito Peter Pennimpede of Balgownie, NSW, has been disqualified from managing corporations for four years after his involvement in four failed companies. Mr Pennimpede was a director of four companies between 2016 and 2019, namely: Fonz (Aust) Holdings Pty Ltd (ACN 151 846 669) (Fonz); Manbead Pty Ltd (ACN 068 376 590) (Manbead); Admark Property […]