The Federal Court of Australia has found Dover Financial Advisers Pty Ltd (Dover) engaged in false, misleading or deceptive conduct. The conduct in question involved publishing false, misleading or deceptive statements in a “Client Protection Policy” (Protection Policy) between around 25 September 2015 and 30 March 2018. The Court found that Terrence (Terry) McMaster, Dover’s […]
Author Archives: ETE
MR Perth financial adviser banned for five years
ASIC has banned financial adviser Peter Jianchao Xu from providing financial services for five years following a surveillance of Mr Xu’s advice. Mr Xu was an authorised representative of Westpac Banking Corporation, Commonwealth Financial Planning Limited and most recently, Neo Financial Solutions Pty Ltd. ASIC reviewed a sample of Mr Xu’s advice files and found […]
MR ASIC fee relief for bushfire-affected customers
ASIC is offering assistance for customers, including small businesses, who are affected by the current bushfires in New South Wales and Queensland by providing relief from various company-related fees that may be payable. ASIC Commissioner John Price said, ‘ASIC is committed to easing the burden and offering whatever assistance we can to support individuals and […]
Connaught Independent Review call for information closes but investigation remains open to affected individuals
Raj Parker, the Independent Reviewer into the FSA/FCA’s approach to the Connaught Income Fund Series 1, announces that the Review’s initial call for information has now closed. The announcement follows a call for information from individuals affected by the Fund to ensure that a range of stakeholders were able to formally contribute their views to […]
FCA fines Henderson £1.9m for fund failings
The Financial Conduct Authority (FCA) has fined Henderson Investment Funds Limited (HIFL) £1,867,900 for failing to treat fairly more than 4,500 retail investors in two of its funds, the Henderson Japan Enhanced Equity Fund and the Henderson North American Enhanced Equity Fund (the Japan and North American Funds). This was in contravention of Principle 6 […]
FCA to ban promotion of speculative mini-bonds to retail consumers
Ahead of the upcoming Individual Savings Account (ISA) season, the FCA is introducing the restriction without consultation, using its product intervention powers. The restriction will come into force on the 1 January 2020 and last for 12 months while the FCA consults on making permanent rules. The term mini-bond refers to a range of investments. The […]
FCA secures confiscation order totalling £291,070 against convicted fraudster
A confiscation order of £291,070.36 was made against Mark Barry Starling in Southwark Crown Court. This confiscation order follows the FCA prosecution in which Mr Starling was sentenced to 5 years’ imprisonment for defrauding investors of just under £3m in relation to unauthorised investment schemes he operated between 2008 and 2017. Mark Steward, Executive Director […]
Open Finance: an opportunity for financial services
Open Finance is an area of significant interest to the FCA, and today I’d like to highlight the opportunities it provides businesses, consumers and the regulator. I’d also like to touch on some of the challenges we observe, some of which are already materialising, others on the horizon, and the possible solutions to those challenges. […]