Author Archives: ETE

On 24 July 2024, Lonsdale Insurance Brokers Limited (Lonsdale) entered creditors’ voluntary liquidation. Neil Bennett and Alex Cadwallader of Leonard Curtis were appointed as joint liquidators. Lonsdale is an FCA-authorised Lloyd’s wholesale insurance broker. The firm placed commercial business (such as property and casualty, surety bonds, warranties and reinsurance) with insurance carriers on behalf of […]

ASIC has suspended the Australian financial services (AFS) licence of Id Funds Management Limited (Id Funds) until 28 February 2025. The licence was suspended on the basis that Id Funds failed to meet its statutory audit and financial reporting lodgment obligations for the financial years ending 30 June 2022 and 30 June 2023. ASIC will […]

ASIC is extending for a further 12 months the transitional relief for foreign financial services providers (FFSPs) from the requirement to hold an Australian financial services (AFS) licence when providing financial services to Australian wholesale clients. The current transitional arrangements for ASIC’s sufficient equivalence relief and limited connection relief were due to expire on 31 […]

ASIC has disqualified Sydney-based director Dominique Grubisa from managing corporations for 18 months following her involvement in the failure of two companies.  The disqualification took effect on 24 May 2024. Ms Grubisa was the sole director of DGI Accounting Pty (DGIA) from 10 April 2018 to 26 August 2022, and DGI Debt Management Pty Ltd (DGID) from […]

ASIC has banned Joel James Hewish for 10 years from providing financial services, performing any function involved in carrying on of a financial services business and controlling an entity that carries on a financial services business. ASIC has also cancelled the Australian financial services (AFS) licence of Mr Hewish’s company, United Global Capital Pty Ltd […]

The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor authority, issued today an Opinion to address the risks presented by global crypto firms seeking authorisation under the Markets in Crypto Assets (MiCA) Regulation for part of their activities (crypto brokerage) while keeping a substantial part of their group activities (intra-group […]

Highlights We welcome the improvements firms have made to deliver better consumer outcomes in the first year of the Duty. The outcomes-based nature of the Duty will allow us to streamline our rulebook to support competitiveness and growth, while ensuring good consumer outcomes. Following today’s milestone, we’ll continue to focus on how firms are embedding […]

We have imposed restrictions on wealth management firm, London Stone Securities Limited. The firm cannot undertake any regulated activity, charge any further fees to existing clients or take on new clients without our express permission. The firm was also required to withdraw all financial promotions and keep assets in the business. This follows serious concerns […]

Ten individuals have been cold-shouldered after a ruling from the Hearings Committee of the Takeover Panel. On 30 July 2024, the Takeover Panel’s Panel Executive published Statement 2024/17(PDF)Link is external. This summarised the outcome of proceedings before the Hearings Committee of the Takeover Panel and the Takeover Appeal Board in relation to MWB Group Holdings […]

We’re proposing to extend the current pause to the time firms have to respond to consumers about motor finance complaints involving a discretionary commission arrangement (DCA). We now intend to set out next steps in our review into the past use of DCAs in May 2025. By then, we expect to have analysed the data […]